Exxon Mobil Corp. announced on Monday its decision to invest $ 10 billion in a fourth offshore oil project in Guyana, the country’s largest oil field.
Guyana is one of Exxon’s top bets on future production growth, as it expects to produce up to 1.2 million barrels of oil and gas per day by 2002, according to Reuters.
Exxon and its partners Hess Corp. and CNOOC Ltd Consortium began production in Guyana in 2019 and are responsible for the entire production of the country, as they discovered more than 10 million barrels of recoverable oil
Exxon’s Stabroek Yellowtail project on the Stabroek block is expected to generate about 250,000 barrels of oil per day by 2025. The $ 10 billion project is one of up to 10 that companies in Guyana plan to implement.
The investment will “provide the world with another reliable source of energy to meet future demand and ensure a safe energy transition,” said Liam Mallon, president of Exxon’s mining company.
The final investment decision was made after the project was approved by the Guyana government and the country’s regulators last Friday.
According to the company, the project will include six mining units and up to 26 production wells and 25 injection wells.
It is noted that the three companies produced in Guyana last year 120,000 equivalent barrels of oil. Exxon holds the lead in the consortium, holding 45%, with Hess holding 30% and CNOOC the remaining 25%.
Source: Capital
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