Beyond 2025, Guyana’s Stabroek Block, operated by ExxonMobil, is set to remain a focal point for energy investments, according to a new report by Westwood Global Energy Insights.
Guyana joins other major opportunities, including Brazil’s pre-salt basin, deepwater Namibia, and East Africa’s Ruvuma-Rufiji gas basin. Westwood said global projects in the Asia-Pacific, such as Indonesia’s Abadi development and Australia’s Browse project, also hold significant promise.
Six FPSOs targeting over five billion barrels of oil at Stabroek Block – Hess | OilNOW
Westwood forecasts annual oil and gas engineering, procurement, and construction (EPC) contracts will average US$50 billion from 2026-2029. This projection relies on steady oil demand from China and the Organisation for Economic Co-operation and Development (OECD) countries, supported by oil prices exceeding US$70 per barrel and easing supply chain pressures.
Additional projects, such as the Greater Sunrise development in Timor-Leste and recent gas discoveries offshore Colombia, could further enhance these opportunities. Shell’s Glaucus and Petrobras’ Sirius fields in Colombia remain under evaluation but signal potential upside for future contracts.
Guyana’s oil-rich resources and stable investment climate position it as a key player in the evolving global energy landscape. By 2027, the Stabroek Block will host six production vessels, with the addition of the ONE GUYANA, Errea Wittu, and Jaguar floating production, storage and offloading (FPSO) vessels.
ExxonMobil is the operator of the Stabroek Block, with a 45% stake, alongside Hess (30%) and CNOOC (25%).
The Stabroek Block co-venturers also plan to undertake two more developments in Guyana, Hammerhead, and Longtail, bringing the total number of projects in the country to eight.
Hammerhead is expected to achieve first oil around 2029 and will be in production for approximately 20 years. By that time, it is likely to take total production capacity offshore Guyana to 1.5 million b/d.
