ExxonMobil submits development plan for sixth project in Stabroek Block

ExxonMobil submits development plan for sixth project in Stabroek Block

ExxonMobil Guyana Limited (EMGL) has submitted its Field Development Plan for the Whiptail Project to the Ministry of Natural Resources, its President Alistair Routledge has disclosed.

At a press conference on Tuesday, Routledge said the Field Development Plan was submitted on October 13.

“That has commenced the process on all of the regulatory fronts. As you are aware, we started the process for the Environmental Permit, in fact, in late 2022. So, all the permitting process is now actively engaged. Although now I would say with the ministry we have been actively engaged before the formal submission, making sure that we were sharing materials and development of the concepts ahead of time,” he told reporters.

If approved, Whiptail will be Exxon’s sixth development in the Stabroek Block offshore Guyana, and is projected to cost approximately US$13B.

He said the project would push the country’s production capacity to 1.2 million barrels of oil per day.

“When that comes on stream by the end of 2027 – that is the target – that will bring six by 2027 and it will bring the installed capacity of production facilities in the country to over 1.2 million barrels per day which is really quite outstanding to think, that within eight years of first production, Guyana can achieve over one million barrels of production per day, over 1.2 million barrels per day of production capacity,” Routledge said.

ExxonMobil anticipates that it could reach a final investment decision on Whiptail by the end of the first quarter of 2024.

Additionally, the ExxonMobil President disclosed that plans are on stream to have the new Floating, Production, Storage and Offloading (FPSO) vessel commence operation later this year as part of the Payara Field Development Project in the Stabroek Block.

Routledge told reporters that the project is well ahead of its original schedule. Initially, the project was earmarked to be completed by mid-2024.

The FPSO vessel arrived Guyana in April, and is projected to produce up to 220,000 barrels of oil per day.e

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