Oil production at ExxonMobil’s Guyana projects hit a combined 19.6 million barrels in May, the highest monthly volume yet, government data shows.
In May, the Liza 1 project averaged 154,000 barrels per day (b/d), totaling 4.78 million barrels. This project started in December 2019 at an initial target of 120,000 b/d. However, due to better-than-expected performance, optimized through debottlenecking activities, Exxon has increased its average production by more than 30,000 b/d.
Liza 2 averaged 251,000 b/d, totaling 7.78 billion barrels in May. Starting out with a target of 220,000 b/d in February 2022, Liza 2 (like its predecessor) was optimized to increase its output by more than 30,000 b/d. Exxon may yet increase the average oil output at this project, as it intends to undertake further optimization activities in the third quarter.
The third project, Payara, has exceeded its initial target of 220,000 b/d, since starting in November 2023. It produced 228,000 b/d in May, totaling 7.06 million barrels. Exxon also plans to optimize this project in 2024.
Average combined production was 632,000 barrels per day (b/d), though these projects have demonstrated a collective peak of 663,000 b/d. Oil production has exceeded the less than 600,000 b/d 2024 government projection every month since the year started.
Exxon has a 45% stake (Operator) in the Stabroek Block, alongside Hess (30%) and CNOOC (25%).
