ExxonMobil’s Upstream President, Dan Ammann, has described Guyana as “a cornerstone” of the company’s global portfolio, citing scale, speed of execution and long-term value creation. He made the remarks on February 17, during the Guyana Energy Conference and Supply Chain Expo in Georgetown.
“Guyana is not a side story to that portfolio. Guyana is a cornerstone to our portfolio,” Ammann said.
He positioned the country’s offshore developments within ExxonMobil’s global upstream strategy. That strategy, he said, focuses on investing in “durable advantages,” maintaining discipline through commodity cycles, and operating with excellence.
According to Ammann, Guyana meets those thresholds. “The Stabroek Block combines world-class geology with competitive development costs, repeatable project execution and an opportunity to create value at a very significant scale in the upstream business,” he added.
Guyana represented just 4.2% of ExxonMobil’s global asset portfolio in 2024 | OilNOW
He pointed to the pace of development since the 2015 discovery.
“Just over a decade from discovery, we built a multi-project production system with four floating production, storage and offloading vessels producing…several more under development, and a record of delivery ahead of schedule and under budget,” he explained.
Production has already reached new highs with Guyana hitting 900,000 barrels per day last year after the fourth development, Yellowtail, was ramped up.
Ammann said the scale of the offshore resource is only part of the story.
“Guyana is perhaps the most exceptional energy development anywhere in the world,” he said. “Not only is the scale of the resource offshore, but how it’s being developed, how it’s being managed, and importantly, what it is enabling onshore today.”
ExxonMobil is the operator of Guyana’s Stabroek Block.
Since first discovering oil offshore Guyana in 2015, ExxonMobil and its Stabroek Block co-venturers Hess Corporation and CNOOC have sanctioned a series of major offshore developments that have rapidly transformed the country into a significant oil producer.
