Oil production offshore Guyana averaged 625,000 barrels per day (b/d) in April, with a monthly total of 18.76 million barrels, according to data published by the government. In both respects, April saw the second highest monthly on record after the Payara development started and reached its target production in January.
ExxonMobil operates the Stabroek Block, where three oil developments are situated – Liza 1, Liza 2, and Payara.
Liza 1 produced 4.7 million barrels in April, averaging 158,000 b/d.
Liza 2 produced 7.3 million barrels, averaging 242,000 b/d.
Payara produced 6.8 million barrels, averaging 225,000 b/d.
Guyana’s average oil production for the first four months of 2023 is 616,000 b/d. That would amount to approximately 220 million barrels produced in the full year, accounting for a two-week shutdown period planned by Exxon for each Liza project in the latter half of the year.
That would be 18 million barrels (9%) more than the government projection of 202 million barrels. However, there is more potential upside, given Exxon’s plans to optimize production at Liza 2 and Payara. Higher than-expected production could see oil exports far exceeding the US$16.8 billion in value estimated by the Guyana government.
ExxonMobil operates the Stabroek Block with a 45% stake, while Hess has 30% and CNOOC has 25%.
