By: Dr. Franyi Sarmiento, Ph.D., Inspenet, April 5, 2022
Exxon Mobil Corp has decided to invest $10 billion in a fourth oil production project off the coast of Guyana, the largest in the South American country.
Guyana is one of Exxon’s main bets for future production growth, with 1.2 million barrels a day of oil and gas (boed) expected to be produced with its partners by 2027.
Exxon and its partners Hess Corp and the CNOOC Ltd. consortium started production in Guyana in 2019 and are responsible for all pumping in the country. They have discovered more than 10 billion barrels of recoverable oil.
Exxon’s Yellowtail development on the Stabroek block is expected to produce about 250,000 barrels of oil per day from 2025. The final investment decision was made after receiving government and regulatory approvals for the project on Friday.
The Exxon-led group produced 120,000 boed in Guyana in 2021. Earlier this year, the company commissioned a new production vessel that will bring total capacity to more than 340,000 barrels per day.
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