The story of Guyana being just a tiny South American country to one of the most prolific oil producers in the world is remarkable, according to ExxonMobil Upstream President, Liam Mallon.
During his CERAWeek 2024 presentation, Mallon said, “It is one of the most incredible success stories,” as quoted by Upstream Online.
Guyana’s ascent: From underdog to oil titan in less than a decade | OilNOW
In 2015, Exxon made a breakthrough with the discovery of the Liza field at the Stabroek Block, where it is operator with co-venturers Hessa and CNOOC. That find sparked an extensive exploration campaign, resulting in unprecedented success, marked by over 30 commercial discoveries.
The Stabroek area emerged as the focal point of Guyana’s oil developments. 2022 was hailed as Exxon’s most successful exploration year to date with 10 discoveries.
Less than five years after the initial discovery, the operational phase of the Liza development commenced with the deployment of the floating production, storage, and offloading (FPSO) vessel named Liza Destiny. Currently, production levels are over 600,000 barrels daily with a total of three FPSOs operating in the block. By 2027, Guyana’s daily oil production is projected to reach 1.2 million barrels a day.
“In my 40-year career, I have never worked on anything so exciting and so prolific,” Mallon said at his CERAWeek session.
Exxon’s success in the Stabroek Block continues. The company announced a discovery, Bluefin-1, just days ago.
