Exxon seeks permission for the eighth oil and gas project in Guyana as power rises
By Kemol King
GEORGETOWN (Reuters) – A consortium led by Exxon Mobil has requested environmental permits from Guyana for the eighth project. The Guyana oil major said Wednesday to start producing gases that are not related to oil production and explore another well in large offshore blocks in the US.
Exxon upgraded in two of three floating oil facilities, followed by 616,000 BPD produced in 2024, and 616,000 bpd produced in 2024, following the arrival of the Alistair Routledge, the fourth ship of Exxon Guyana. In contrast, this year’s production capacity will be increased to 940,000 barrels per day (BPD). He said at a press conference.
The consortium, including Hess and CNOOC, is responsible for all production in Guyana. Once the first seven offshore projects come online, they aim to increase their production capacity to 1.7 million bpd by the end of 2029, Routledge said.
In 2030, its eighth project, Longtail, is expected to have a crude production capacity of up to 250,000 barrels per day and a billion cubic feet per day.
Guyana is part of the government’s strategy to launch petrochemical and liquefied natural gas (LNG) companies that rely on fuel for power generation, and can industrialize the country and increase revenues, more on Exxon. We are pushing for the production and delivery of natural gas.
The consortium recently completed a much-anticipated assessment of gas resources.
“All that data has been returned to the geological model, the reservoir model, to inform what upstream developments are possible,” he said.
This study will help to integrate Exxon’s efforts into the large-scale development awarded by Guyana last year with the large-scale development aimed at designing and building the country’s first LNG project.
Routledge said Exxon has not had any conversations with the company these days.
Guyana’s economy achieved double-digit growth for the fifth consecutive year in 2024, driven by crude production, expanding 43.6%. Oil output increased by 58% from 391,000 bpd in 2024.
Continuous projects
Exxon Group’s fourth project, Ikelltail, is set to launch immediately upon arrival of floating production storage and off-road (FPSO) facilities from Singapore built by SBM Offshore.
Exxon plans to start pumping oil from its fifth, sixth and seventh projects (Uaru, Whiptail, Hammerhead) between 2026 and 2029.
“This year we will be carrying out an installation activity that was actually started for Ur. We will do some for the whiptail and complete the work of the Iwadai project,” says Routledge.