ExxonMobil’s Guyana Project Lifts Daily Oil Production to 770,000 Barrels
Rapid Growth in Offshore Oil Operations
ExxonMobil’s oil production in Guyana has surged, reaching an impressive 770,000 barrels per day, according to the latest company updates. This milestone highlights the rapid development of the offshore oil sector in the South American country, where Exxon has led exploration and extraction efforts in partnership with Hess Corporation and China’s CNOOC.
The boost in output comes from the Stabroek Block, a vast oil-rich area located about 120 miles off Guyana’s coast. ExxonMobil currently operates three production vessels—known as FPSOs (floating production, storage, and offloading units)—in the region. These ships are instrumental in extracting and processing the oil directly at sea.
Massive Investment and Long-Term Potential
Since the discovery of oil in the Stabroek Block in 2015, ExxonMobil and its partners have invested billions in infrastructure and exploration. With over 11 billion barrels of recoverable oil estimated in the region, analysts see Guyana as one of the most important emerging oil frontiers globally. The company expects production to exceed 1.2 million barrels per day by 2027, as additional FPSOs come online.
This rapid expansion not only strengthens ExxonMobil’s global production portfolio but also significantly boosts Guyana’s economy. The country has seen a remarkable GDP growth rate, largely fueled by oil revenues. However, the rise in oil output has also sparked debates about environmental sustainability, local benefits, and government transparency in managing new wealth.
Strategic Advantage for Exxon
For ExxonMobil, Guyana represents a key asset as the company navigates the global energy transition. With low production costs and high-quality crude, the Guyana venture enhances Exxon’s competitive edge at a time when traditional oil operations face increasing scrutiny and pressure to decarbonize.
