ExxonMobil granted license for sixth offshore development

ExxonMobil granted license for sixth offshore development

The Guyana Government has approved a Petroleum Production License to the Stabroek Block operator, ExxonMobil, for its sixth development offshore Guyana, at Whiptail. 

The US$12.7 billion development is expected to produce 250,000 barrels of oil daily, bringing daily production to 1.3 million by the end of 2027.

A release from the Ministry of Natural Resources explained that the development will include up to ten drill centers with 48 production and injection wells, while the construction of the floating, production and offloading (FPSO) vessel identified for this development, remains in progress. 

“This vessel joins the Liza Destiny, Liza Unity and Prosperity FPSOs, which combined, are currently producing over half a million barrels of oil daily. Construction is also in progress for the Yellowtail and Uaru development,” the Natural Resources Ministry said.

It was explained that production for these projects is slated to commence in 2025 and 2026, respectively.

 Notably,the Ministry said oil production from this sixth development will generate billions in revenue for Guyana, thereby supporting significant economic and social upliftment for the country and its citizens.

Meanwhile, both ExxonMobil and Hess said they are moving forward with the Whiptail development offshore Guyana after receiving the required government and regulatory approvals. ExxonMobil President of Upstream Company, Liam Mallon, said the project will be beneficial to both the company and Guyanese.

“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.” Mallon stated.

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