Douglas Pferdehirt, Chief Executive Officer of TechnipFMC believes that emerging markets like Guyana, Namibia, Mozambique and Suriname, are bright spots for the offshore industry moving forward. Speaking at the Piper Sandler Energy Conference this week, the CEO said these nations are changing their oil and gas laws in order to attract more investments.
According to an Upstream Online report on March 19, Pferdehirt said ExxonMobil’s growing success in Guyana “set a standard” for quick development in new oil markets.
He told the conference (held March 17 – 19) that the market development in these countries, “particularly because of their offshore resources, is at a level that certainly I’ve never experienced before.”
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He expressed strong confidence in the global offshore market despite ongoing structural changes driven by capital flow dynamics. Pferdehirt highlighted that while U.S. unconventional projects have greater access to capital, offshore developments in emerging markets remain promising.
ExxonMobil, with a 45% operational stake in Guyana’s Stabroek Block, is pursuing projects like Uaru, Whiptail, and the proposed Hammerhead development. Three are already in operation. Following this, ExxonMobil will turn its attention to Longtail.
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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.
ExxonMobil’s operations in the Stabroek Block are shared with partners Hess (30%) and CNOOC (25%).
