ExxonMobil, the multinational energy giant, has greenlit the Whiptail development offshore Guyana, marking a significant milestone after obtaining necessary government and regulatory nods. This decision underscores ExxonMobil’s robust commitment to expanding its presence in the region and fortifying Guyana’s burgeoning energy sector.
Whiptail, the sixth project slated for the Stabroek block, is poised to enhance Guyana’s daily oil production capacity by approximately 250,000 barrels, projected to be operational by the culmination of 2027. Liam Mallon, President of ExxonMobil Upstream Company, hailed the development as a pivotal step towards elevating Guyana’s prominence in global energy markets.
“Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day,” stated Mallon. “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 Whiptail endeavor, with an estimated investment of $12.7 billion, is set to encompass up to 10 drill centers featuring 48 production and injection wells. Beyond its economic impact, ExxonMobil is steadfast in its commitment to fostering local development and prosperity within Guyanese communities.
“We are committed to helping spread the benefits throughout the country by investing in local Guyanese communities and projects to support the country’s phased and sustainable development,” affirmed Mallon.
The culmination of the Stabroek block developments is anticipated to yield substantial revenue and spur significant economic growth in Guyana. Since the commencement of production in 2019, over $4.2 billion has been injected into the Guyana Natural Resource Fund, emblematic of the transformative potential of the oil sector.
Currently, 6,200 Guyanese individuals are actively engaged in supporting Stabroek block operations, constituting a noteworthy 70% of the workforce. Moreover, the cumulative expenditure of ExxonMobil Guyana and its contractors with Guyanese suppliers has exceeded $1.5 billion, further accentuating the company’s commitment to local partnerships and investment.
The Floating Production Storage and Offloading (FPSO) vessel designated for the Whiptail project, dubbed Jaguar, is currently under construction. Concurrently, three FPSOs – Liza Destiny, Liza Unity, and Prosperity – are operational offshore Guyana, collectively producing over 600,000 barrels of oil per day. Construction efforts are underway for FPSOs earmarked for the Yellowtail and Uaru projects, with Yellowtail slated for production in 2025 and Uaru in 2026.
ExxonMobil affiliate ExxonMobil Guyana Limited assumes operatorship of the Stabroek block, holding a 45% interest. Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited maintain interests of 30% and 25%, respectively, underscoring a collaborative approach towards sustainable energy development in the region.
