Oil production in Guyana, which is currently dominated by US oil major ExxonMobil, has now exceeded 600,000 barrels per day (bpd) as its third development project approaches peak production.
The prolific Stabroek block offshore of Guyana has yielded a string of discoveries for ExxonMobil, with the recoverable reserves of oil equivalent currently estimated at 11 billion barrels.
In the giant Liza field, the Liza Unity and Liza Destiny floating production storage and offloading (FPSO) vessels are currently producing approximately 250,000 bpd and 160,000 bpd, respectively.
The third project with the Prosperity FPSO began production in mid-November, and within just three months, the company has got it close to peak production at 230,000 bpd.
ExxonMobil, which also makes the Mobil DTE hydraulic oil range, has another three projects in the pipeline. The next one will develop the Yellowtail field and come online next year, with another project in the Uaru field following it the next year.
A sixth project is expected to come online in the Whiptail field in 2027, although this is still under review. A seventh project, most likely in the Fangtooth field, is also expected, but ExxonMobil has yet to lay out its plans and get the go-ahead from the Guyanese Government.
Guyana is rapidly becoming a major oil producer. In addition to ExxonMobil’s operations in the Stabroek block, in which Hess and CNOOC also have an interest, the country received bids to explore eight other blocks in an auction it held last year.
