ExxonMobil said on Wednesday it had reached 500 million barrels (mmbbl) of oil production from Guyana’s Stabroek block since 2019, with aim to increase production capacity to over 1.3 mmbbl of oil per day by 2027 once six approved offshore projects are online.
The first three, Liza Phase 1, Liza Phase 2 and Payara, are pumping an average of more than 650,000 barrels per day (bbl/d), Exxon said in a statement.
The Exxon-led consortium, which includes Hess and CNOOC Ltd. is responsible for all production in the South American nation.
The Stabroek block is a point of contention in Chevron’s $53 billion deal for Hess, according to Reuters.
Both Exxon and CNOOC are challenging the deal, claiming a contractual first right to buy Hess’s stake in the field, a matter to be decided by a three-person arbitration panel in May next year.
Last year, the consortium’s agreement with Guyana generated $6.33 billion for the partners with Exxon netting $2.9 billion, Hess earning $1.88 billion and CNOOC taking home $1.52 billion from Stabroek.
