Exxon Raises Guyana’s Oil Production

A consortium led by Exxon Mobil Corp which controls all oil production in Guyana is pumping about 645,000 barrels per day (bpd) in the South American country, up from about 400,000 bpd in late 2023, the U.S. producer said at a press conference on Tuesday.

Guyana has emerged as the world’s fastest-growing new oil province in a decade with discoveries of more than 11 billion barrels of oil and gas by Exxon and its partners Hess Corp and CNOOC Ltd.

Exxon said that all three platforms currently operational are producing above their initially estimated capacities. Liza Destiny, Liza Unity and Prosperity are currently pumping about 160,000 bpd, 250,000 bpd and 230,000 bpd, respectively, it said.

The group has said it could develop up to 10 offshore projects in the country and has proposed budgets of about $40 billion for six projects so far, of which $29 billion have been spent, Exxon said.

The group has said its fourth, fifth and sixth oil projects – Yellowtail, Uaru and Whiptail – would have a production capacity of 250,000 bpd each, bringing oil output in Guyana to over 1.2 million bpd in 2027.

(Reuters – Reporting by Kiana Wilburg, writing by Sabrina ValleEditing by Chris Reese and Deepa Babington)