-Reached a major milestone in less than five years, with ambitious plans to double production by 2027

Less than five years after Guyana joined the ranks of oil producing countries, ExxonMobil Guyana and its Stabroek Block joint venturers, Hess and CNOOC, announced that they had reached 500 million barrels of oil produced on the Stabroek Block.

In a statement released on Wednesday, the company said the milestone highlights the rapid pace of development of the consortium and its commitment to maximizing Guyana’s offshore oil resources.

ExxonMobil Guyana Chairman Alistair Routledge attributed the milestone to close collaboration with the Guyanese government and key industry partners.

“Our unrivaled success in developing Guyana’s petroleum resources at industry-leading pace, cost and environmental performance is based on close collaboration with the Government of Guyana, as well as our joint venture partners, suppliers and subcontractors,” Routledge said.

“We remain committed to Guyana for the long term and look forward to continuing to deliver results for the country. »

With nearly $55 billion earmarked for the development of six government-sanctioned projects, the Stabroek Block’s operations already include three key developments: Liza Phase 1, Liza Phase 2 and Payara, which together produce more than 650,000 barrels of oil per year. day.

The consortium aims to increase production capacity to more than 1.3 million barrels per day by 2027, an achievable goal as all six projects are expected to be operational by then.

The financial impact of these operations on Guyana is significant. Since first production in December 2019, oil revenues and royalties totaling more than $5.4 billion have been contributed to the Guyana Natural Resource Fund.

Furthermore, the industry has generated significant local employment, with more than 6,000 Guyanese representing almost 70% of the Stabroek block workforce.

ExxonMobil Guyana Limited is the operator with a 45% interest in the Stabroek block, while Hess Guyana Exploration Ltd. holds a 30% stake and CNOOC Petroleum Guyana Limited holds the remaining 25%.