Guyana has recorded 52 oil discoveries across its offshore blocks, with ExxonMobil leading the charge in the Stabroek Block, where 46 discoveries have been made.
This was revealed by Guyana’s Finance Minister, Dr. Ashni Singh, during his 2025 budget presentation.
The Stabroek Block’s success began with ExxonMobil’s Liza discovery in 2015, unlocking what Darren Woods, ExxonMobil’s Chief Executive Officer, calls “one of the most successful deepwater developments in industry history.”
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Since starting production in 2019, ExxonMobil has ramped up output from the Liza 1, Liza 2, and Payara developments to over 650,000 barrels per day (b/d). The Yellowtail project, expected online this year, will increase production, making Guyana the world’s leading per capita oil producer.
Guyana’s low breakeven costs, averaging US$36 per barrel of Brent crude, are a global standout. Projects like Liza 2 and Payara achieve breakevens as low as US$25 and US$32, respectively, ensuring strong profitability, according to data from the International Energy Forum (IEF) and S&P Commodity Insights.
ExxonMobil, with a 45% stake in Stabroek, is pursuing additional projects like Uaru, Whiptail, and the proposed Hammerhead development. Following this, ExxonMobil will turn its attention to Longtail.
ExxonMobil’s operations in the Stabroek Block are shared with partners Hess (30%) and CNOOC (25%).
