News Americas, New York, NY, 14 November 2024: ExxonMobil Guyana and its block partners Stabroek, Hess and CNOOC have announced plans to expand production capacity to over 1.3 million barrels of oil per day by the end of 2027. This growth projection is in line with the goal of the consortium led by ExxonMobil to fully operationalize six major offshore projects within the Stabroek block, a milestone that is expected to bring significant economic benefits to Guyana.
The announcement follows the consortium’s achievement of producing 500 million barrels of oil since Guyana joined the ranks of oil producing countries in 2019. In a statement, ExxonMobil Guyana President Alistair Routledge attributed the rapid pace of development to close cooperation with the government of Guyana and strategic partnerships with suppliers, contractors and co-venturers.
ExxonMobil Guyana Limited operates the Stabroek block with a 45% stake, while Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited hold 30% and 25% stakes respectively. Together, these companies have committed nearly $55 billion to the development of six government-approved projects in the bloc. The current projects, Liza Phase 1, Liza Phase 2 and Payara, are already producing more than 650,000 barrels per day, positioning Guyana for sustained growth in the global energy market.
Since the start of production in December 2019, oil revenues and royalties amounting to over $5.4 billion have been directed to the ExxonMobil Guyana Natural Resources Fund. In addition, more than 6,000 Guyanese now support operations at Stabroek, representing nearly 70% of the local oil industry workforce, the company added, noting that sustained growth in production and employment is expected to bring further benefits. economy for Guyana, along with billions in projected revenue. from continued offshore development.
