ExxonMobil speeds up Guyana developments as oil prices surge

GEORGETOWN, March 20, 2026 – ExxonMobil is accelerating oil and gas projects in Guyana as rising oil prices boost returns and a new production vessel nears completion, Reuters reported on Thursday.

The MODEC-built Errea Wittu FPSO is expected to add 250,000 bopd of capacity from the Uaru project, while ExxonMobil aims to start Whiptail by the end of 2027 and bring Hammerhead on line in 2028, one year earlier than previously planned.

The company is also preparing to seek approval for a ninth development in Guyana focused on gas, as the government presses for more supply to support power generation and petrochemicals.

Higher Brent prices above USD 110 per barrel are expected to help ExxonMobil recover up to USD 5 billion in costs in Guyana this year instead of 2027, even as the company remains in a dispute with the government over expense claims. Yellowtail, the group’s fourth project in the country, is now producing 263,000 bopd and plans are in place to seek approval to raise capacity to about 290,000 bopd.

In Guyana, ExxonMobil operates offshore developments and exploration activities and leads a consortium responsible for multiple discoveries and production projects since 2019. The company expects total output capacity from its planned developments in the country to reach around 1.7 million bopd by 2030.

Photo of the Guyana Liza Destiny FPSO courtesy of ExxonMobil

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