Describing the Guyana exploration project as one of the most exciting and successful in the world, the Chairman of ExxonMobil Darren Woods believes that Guyana sealed its future as an oil-producing nation when it signed the first Production Sharing Agreement in 1999 which paved the way for more exploration and the country’s first oil discovery in 2015.

“It was a remarkable find that open the door to more than 20 significant discoveries in one of the world’s largest oil fields. Today we estimate the blocks hold the equivalent of more than ten billion oil-equivalent barrels, this is an enormous accomplishment,” the ExxonMobil Chairman said.

He recalled that the Liza Phase 1 project began producing oil within 5 years of discovery, a fraction of the time it usually takes to bring a newly discovered field of similar magnitude.

“Our collective success here is unmatched in modern history. In fact, since 2015 more than 11% of the conventional oil discovered in the world has been found right here in Guyana. And I will say that is just the beginning, many parts of the basin remain unexplored and are still considered a frontier,” Mr. Woods explained.

Since the development of Liza Phase 1, Liza phase 2 has already come on stream with the Payara development not far behind. In addition, ExxonMobil is hoping to reach an agreement soon for another production vessel for the yellowtail project.

“These world-class projects are just the beginning. We anticipate having six projects producing by 2027 and see the potential for up to four more in the later years. By the end of the decade, Guyana’s production in the Stabroek block alone could increase to one million barrels per day with potential for additional growth from ongoing exploration,” he estimated.

In addition, the ExxonMobil Chairman said that the company will be working with the government to ensure that the gas-to-energy project comes on stream as well as other efforts to develop the capacity to maximize the country’s oil resources.

There have been calls for the Government of Guyana and Exxon to renegotiate the existing agreements. While the ongoing Energy Conference has been examining a number of issues, the renegotiation of contracts has not been one of them.

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