News listings

energy-pedia development and production

Guyana flagGuyana

South America / GoM >>> Guyana

Guyana: ExxonMobil makes final investment decision on the Whiptail development offshore Guyana


15 Apr 2024

Photo - see caption

ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add approximately 250,000 barrels of daily capacity by the end of 2027.

  • Whiptail project receives government approvals; production targeted to begin in 2027
  • Sixth Stabroek block development will add capacity of 250,000 barrels of oil per day
  • $12.7 billion of additional investment in Guyana’s growing economy 

'Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day,' said Liam Mallon, president of ExxonMobil Upstream Company. 'Our unrivaled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers, and contractors. The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio and will provide the world with additional reliable energy supplies now and for years to come.'

The $12.7 billion Whiptail project will include up to 10 drill centers with 48 production and injection wells.

'We are committed to helping spread the benefits throughout the country by investing in local Guyanese communities and projects to support the country’s phased and sustainable development,' Mallon said.

Production from the six Stabroek block developments will generate tens of billions of dollars of revenue and significant economic development for Guyana. Since first production in 2019, more than $4.2 billion has been paid into the Guyana Natural Resource Fund.

There are currently 6,200 Guyanese working in support of Stabroek block operations—which is 70% of the workforce. The cumulative spend of ExxonMobil Guyana and its contractors with Guyanese suppliers since 2015 surpassed $1.5 billion at the end of 2023.

The Floating Production Storage and Offloading (FPSO) vessel for the Whiptail project, to be named Jaguar, is under construction. Three FPSOs – the Liza Destiny, Liza Unity and Prosperity – are currently operating offshore Guyana and are safely producing more than 600,000 barrels of oil per day. Construction is underway on FPSOs for the Yellowtail and Uaru projects, with Yellowtail anticipated to start production in 2025 and Uaru targeted in 2026.

ExxonMobil affiliate ExxonMobil Guyana is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration holds 30% interest, and CNOOC Petroleum Guyana holds 25% interest.

Original announcement link

Source: ExxonMobil





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 234

Completed Deals

Completed Upstream Deals: 6571

Company Profiles

Current Company Profiles: 2912

Corporate Activity

Current Corporate Activity articles: 4149

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1658

Geostudies

Current Geostudies articles: 968

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

energy365
Union Jack Oil 149
Merlin
Government of South Australia
Telos NRG
Rose & Assocs
Bayphase
Syntillica
Borchwix
OPC
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com