ExxonMobil plans sixth oil project in Guyana

ExxonMobil and partners have submitted plans to develop their sixth oil project in Guyana, with an expected investment of USD 12.9 billion, Guyanese officials revealed in a filing on Monday.

The Whiptail project will have an output of around 250,000 bopd and will involve the drilling of up to 72 wells beginning in late 2024.

Installation of subsea equipment is expected to begin in Q2 2025 or early 2026.

The project is expected to come on line in 2027 and raise the consortium’s output in Guyana to 1.2 million bopd.

Exxonmobil and partners finalised the FID on the Uaru project – the fifth Guyana project – in April 2023.

ExxonMobil operates the Stabroek block with a 45% stake, while partners Hess Corporation holds a 30% stake and China National Offshore Oil Corporation holds the remaining 25% stake.

Two producing FLNG vessels are currently stationed at the concession, the Liza Destiny and the Liza Unity.

Net production from the two assets was 112,000 bopd in Q3 2023.

Two additional FLNGs are to begin production at the Payara and Yellowtail fields on the block, the Prosperity and One Guyana respectively.

The Prosperity FLNG has a planned capacity of 220,000 bopd. The asset arrived at the Stabroek block in April 2023.

The One Guyana FLNG will have a production capacity of 250,000 bopd, with first production anticipated in 2025.

ExxonMobil aims to have six producing FPSOs in Guyana by the end of 2027.