ExxonMobil has announced that it made a final investment decision (FID) for the Whiptail development offshore Guyana, marking the sixth project on the Stabroek block. This decision follows the necessary government and regulatory approvals, with expectations to increase daily capacity by approximately 250,000 barrels by the end of 2027.
“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,” Mallon continued.
The Whiptail project, valued at $12.7 billion, will feature up to 10 drill centers with 48 production and injection wells.
The Stabroek block developments are anticipated to generate tens of billions of dollars of revenue and economic progress in Guyana, with over $4.2 billion already contributed to the Guyana Natural Resource Fund since 2019.
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 construction of the Floating Production Storage and Offloading (FPSO) vessel named Jaguar for the Whiptail project is underway. Currently, three FPSOs are operational offshore Guyana, producing over 600,000 barrels of oil daily. Additionally, FPSOs for the Yellowtail and Uaru projects are in progress, with Yellowtail set to commence production in 2025 and Uaru in 2026.
ExxonMobil Guyana Limited, operates with a 45% interest in the Stabroek block, alongside Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited, holding 30% and 25% interests, respectively.
