Guyana remains crucial part of ExxonMobil’s global portfolio – EMGL VP

…says company intends to be in Guyana for a long time

Guyana remains a very important part of ExxonMobil’s global portfolio, with the company confirming that a total of six development projects will be online by 2027 and that production will be significantly increased well into the future.
During a financial backgrounder at ExxonMobil Guyana’s Kingston office on Tuesday, the company’s Vice President and Business Services Manager, John Colling, spoke about Guyana’s importance to Exxon’s portfolio.
Colling noted that in addition to six development projects- Liza Field 1 and 2, Payara, Yellowtail, Uaru and Whiptail- that will be online by 2027, the company is considering Final Investment Decisions (FID) for two additional projects.
“We’ve been pretty clear about our development plans for Stabroek Block. We have three projects or three Floating Production Storage Offloading units producing today. We have a fourth, which has arrived in Guyana and we expect it to come online in the third quarter,” Colling explained.
“We have two additional sanctioned projects, which will be online by 2027. And then a seventh and eight project, which we’re reviewing for FID. So clearly, this affiliate is very important for ExxonMobil Corporation. And we have a development plan to increase production, many years down the line into the future.”
The Executive noted that while the company recorded an accounting profit, they are GYD$700 billion in the red when it comes to how much they need to recoup from cost recovery stemming from their investments in the Stabroek Block.
“Indeed, we continue to invest in Guyana. In fact, ExxonMobil Guyana Limited and its partners have committed to invest over $55 Billion through six projects. And as you mentioned, we have not recovered our costs to date. I don’t want to project when that will occur, because there are a number of factors including price and when projects will come online,” Colling explained.
“What I can say is that when costs have been substantially recovered, we expect for the government of Guyana to achieve US$10 Billion. We, ExxonMobil Guyana Limited, are fully committed to the Stabroek Block. Our continued investments. And we plan to be here a long time and continue our partnership with the people of Guyana and the government of Guyana.”
The Stabroek Block is 6.6 million acres (26,800 square kilometres). Exxon, through its local subsidiary EMGL, is the operator and holds 45 per cent interest therein. Hess Guyana Exploration Ltd holds 30 per cent interest, and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest.
As of December 2024, EMGL directly owns all three Floating Production Storage and Offloading (FPSO) vessels operating in the Stabroek Block, following the purchase of the Liza Destint FPSO for US$535 million.
Six FPSOs are expected to be operating offshore Guyana by 2027. The fourth FPSO, dubbed the ‘One Guyana’ FPSO, arrived in Guyana earlier this year. This vessel will operate in the Yellowtail development.
The fifth FPSO, which would be named ‘Errea Wittu’, meaning “abundance” in the Warrau Indigenous language, would meanwhile operate in the Urau project. It would have an oil storage capacity of two million barrels, an oil production design rate of 250,000 barrels per day, and be able to offload approximately one million barrels onto a tanker in approximately 24 hours.
This vessel would be delivered by MODEC, a Japanese company that has confirmed construction of this FPSO. Start-up of the US$12.7 billion Urau development is targeted for 2026.
‘Jaguar’, the sixth FPSO, is earmarked for Exxon’s Whiptail project. Government has said that by the time this FPSO comes online in 2027, Guyana is expected to be producing as much as 1.2 million barrels of oil per day. This FPSO is currently in the final stages of construction.