A consortium led by Exxon Mobil Corpwhich has full control of the oil production in Guyanahas increased its production to approximately 645,000 barrels of oil per day (bpd) in the South American country, a significant increase from the 400,000 bpd recorded at the end of 2023, the U.S. producer announced at a press conference last week.
Guyana has established itself as the fastest growing new oil province in the world over the last decade, thanks to discoveries of more than 11 billion barrels of oil and gas by Exxon and its partners, Hess Corp and CNOOC Ltd.
About oil production in Guyana
It should be noted that Exxon reported that the three platforms currently in operation are producing above their initially estimated capacities. The Liza Destiny, Liza Unity and Prosperity platforms are producing approximately 160,000 bpd, 250,000 bpd and 230,000 bpd, respectively.
The consortium has also indicated that it could develop up to 10 deepwater projects in deepwater in the country and has so far proposed budgets of around US$40 billion for six projects, of which US$29 billion has been invested, according to Exxon.
The group’s fourth, fifth and sixth oil projects, named Yellowtail, Uaru and Whiptail, are expected to have a production capacity of 250,000 bpd each, which would raise Guyana’s oil production to more than 1.2 million bpd by 2027.
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