Oil major ExxonMobil has increased the targeted production of its offshore Guyana projects to 800,000 barrels per day (bpd) by 2025 and a million bpd by 2027. It had previously expected to be producing 750,000 bpd by 2026.
The company has made a string of discoveries in the Stabroek Block, with a recent discovery called Uaru-2 adding to the estimated nine billion barrels of oil equivalent of recoverable reserves that had already been discovered. ExxonMobil owns a 45% stake in the block through a local affiliate, with Hess and CNOOC owning the remaining 30% and 25%, respectively.
Following its Liza-1, Liza-2 and Payara projects, a fourth project named Yellowtail is expected to be the biggest in the block yet, with a projected production of 250,000 bpd when it comes online at the end of 2025.
ExxonMobil, which also makes Mobil grease and other lubricant products, sees its Guyana plays as an important part of its strategy to increase its dividend by focusing on cash-generating, high-returns projects. It believes there is potential for as many as 10 floating production storage and offloading vessels to be operating in the Stabroek block, with six projects going into operation by 2027.
The company’s operations are not limited to Guyana, however. It also has an interest in Block 52 offshore of neighbouring Suriname, where an initial discovery was made at the end of last year. It has a 50% stake in the block, with the other half being held by PETRONAS, which is the designated operator.
