ExxonMobil Guyana is preparing to increase its output from the Stabroek Block offshore by an additional 18,000 barrels per day (bpd). According to the company’s country manager, Alistair Routledge, this plan is contingent on completing necessary risk assessments and obtaining approvals from local authorities.
The company has already undertaken essential preparatory work, including enhancing heat exchanges and trimming valves to raise the capacity of the Unity floating production storage and offloading (FPSO) vessel. Routledge announced during a press conference that the vessel’s output is expected to increase from 252,000 bpd to 270,000 bpd. However, Routledge noted that the final approval would depend on agreements with the Guyanese government regarding the necessary risk assessments, analysis, and modeling. “We won’t increase production until everybody is satisfied that we’ve done the right work,” he emphasized.
ExxonMobil Guyana’s total output currently stands at 665,000 bpd. Liza Phase 1’s authorized capacity is 160,000 bpd, producing 157,000 bpd. Meanwhile, both Liza Phase 2 and Payara are each producing 252,000 bpd. Over the longer term, ExxonMobil aims to produce over 1 million bpd in Guyana, with total oil production projected to rise to 1.6 million bpd by 2030. This aligns with the Guyanese government’s strategy to maximize returns from the industry before a potential global peak in oil demand.
The country’s only production comes from the Stabroek block, managed by a consortium led by ExxonMobil, which includes Hess Corp. and China’s CNOOC. Since discovering oil in the block, the consortium has tapped an estimated 11 billion barrels of crude, establishing Guyana as a rising star in the global oil market.
Additionally, ExxonMobil is moving forward with plans to convert a hulled ship into an FPSO for the Hammerhead project, which will produce between 120,000 and 180,000 bpd when completed. This is part of the company’s broader efforts to increase production capacity through multiple projects, including Uaru and Whiptail, which will start in 2027. The consortium is also working on its seventh project and is expected to submit its development plan to the Guyanese authorities in early 2025. Upon completion in 2029, the Hammerhead project will bring Guyana’s total production capacity to 1.4 million bpd.
Regarding gas production, particularly from the southeast part of the Stabroek Block, ExxonMobil stated that further analysis and modeling would be necessary to determine the potential. “Once we start producing, as we have done on Liza and Payara, we can tune those models and see how the reservoirs adapt both from a production and an injection point of view,” Routledge explained.
ExxonMobil’s expansion plans underscore the company’s commitment to further developing Guyana’s rich offshore oil resources, positioning the country as a key player in global energy markets. The prospects for Guyana’s oil industry could be even brighter if global demand for oil remains strong despite predictions of an eventual peak.
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