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ExxonMobil approves sixth Guyana oil project

Sea Oil Rig Drilling Platform

US-based oil major ExxonMobil has revealed that it has made its final investment decision for the Whiptail project, which will be its sixth offshore of Guyana.

The project will involve $12.7 billion of investment to drill 48 injection and production wells around 10 drill centres.

Production is expected to commence in 2027 and eventually add an extra 250,000 bpd (barrels per day) of crude oil production.

A floating production storage and offloading (FPSO) vessel named Jaguar is currently being built for the project.

ExxonMobil, which also makes the Mobil DTE hydraulic oil range, is currently producing over 600,000 bpd of crude oil at its three operational FPSOs offshore of Guyana. A further two FPSOs are under construction for the Yellowtail and Uaru projects, which are expected to begin production in 2025 and 2026, respectively.

ExxonMobil Upstream Company President Liam Mallon said about the project’s approval:

“Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day. Our success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers and contractors.”

Mallon added that the developments in the Stabroek Block had some of the lowest emission intensities in the company’s portfolio of upstream assets and would help reliably meet the world’s demand for energy for years to come.

He also went on to say that ExxonMobil was committed to supporting Guyana’s sustainable development by investing in local projects and communities in the country.

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