ExxonMobil is set to increase its crude oil production offshore Guyana by 18,000 barrels per day, which cites a senior company executive.
The increase will come from the Unity platform, which will have its production capacity raised from 252,000 barrels per day (bpd) to 270,000 bpd. Alistair Routledge, Exxon’s country manager, emphasized that the final decision regarding the production increase will depend on approval from the Guyanese government. This approval will follow a comprehensive agreement on risk assessment, analysis, and modeling between Exxon and the authorities.
“We won’t increase any production until everybody is satisfied that we’ve done the right work,” Routledge stated during a media briefing.
Currently, Exxon is producing a total of 665,000 barrels of crude oil daily in Guyana. However, the company has long-term ambitions to boost production to over 1 million bpd. The overall oil production in Guyana is projected to exceed 1.6 million bpd by 2030, as the government aims to maximize returns from the oil industry in anticipation of a peak in global oil demand. If demand growth predictions fall short, the future outlook for Guyana’s oil sector could be even more favorable.
All oil production in Guyana currently takes place within the Stabroek block, which is managed by a consortium led by ExxonMobil, alongside Hess Corporation and China National Offshore Oil Corporation (CNOOC). Since the discovery of oil in this block, the consortium has tapped into total reserves estimated at over 11 billion barrels, establishing Guyana as a rising star in the global oil market.
To date, the consortium has executed six production projects in the country and is now developing a seventh project, with plans to submit its development plan to the Guyanese authorities by early 2025. This seventh project, named Hammerhead, is expected to come online by 2029, contributing between 120,000 bpd and 180,000 bpd to the nation’s oil production capacity, ultimately raising it to 1.4 million bpd.
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