Zero to almost 700,000 barrels per day; Guyana oil production booming

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OilNOW
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ExxonMobil Upstream Company President, Liam Mallon, has lauded the remarkable success of Guyana’s oil production, emphasizing its growth from “zero when we first started drilling” to reaching “600 and 40 something [thousand barrels per day].” The unprecedented growth, Mallon points out, marks a period of extraordinary achievement for Guyana, taking place in some of the world’s most challenging deep waters.

The Exxon executive sat down with OilNOW on Feb. 20 during the Guyana Energy Conference and Supply Chain Expo. 

ExxonMobil Upstream Company President, Liam Mallon sat down with OilNOW in Georgetown, on Feb. 20, 2024, for an exclusive interview.

Mallon, speaking to the global significance of Guyana’s achievement, highlighted its importance in the context of the energy transition, ongoing energy crisis, and geopolitical events. He stressed the continued growth in energy demand driven by the expanding global population and the imperative to lift people out of energy poverty.

Total recoverable oil worldwide sliding, Guyana barrels becoming more crucial | OilNOW 

“As those populations grow, we also know that oil and gas is a critical component – not the only component – but a critical component,” Mallon remarked. He said there is an enduring need for oil and gas, foreseeing its sustainability and potential growth for several decades. The key, according to Mallon, lies in responsible development with emphasis on reducing emissions.

Stabroek Block produced over 18 million barrels in January 

In the case of Guyana, Mallon observed that the concept of responsible development is being put into practice in a very tangible way. He commended the country’s growth rate, which is about twice the industry average, noting that such progress is largely unheard of. He said the achievement becomes even more noteworthy considering the technological challenges posed by operating in some of the world’s deepest waters.

Upfront investment in proprietary data, technology behind multi-billion-barrel discoveries offshore Guyana – ExxonMobil | OilNOW

Mallon attributed the success to the synergy of great technologies, strong partnerships, a conducive investment climate created by the government of Guyana, and the collaboration of the Guyanese people. He hailed it as a testament to what can be achieved when these elements come together to harness the potential of a valuable resource.

“What’s been achieved here is frankly nothing less than extraordinary,” Mallon said.

See full interview here

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