Guyana could be ‘one of the best deep water developments’ – Exxon boss 

Chairman and Chief Executive Officer (CEO) of ExxonMobil, Darren Woods believes that the oil and gas developments in Guyana can go down as one of the best deep water developments in industry history.

And that, he said further, is attributed to the company’s ability to optimise operations and production in Guyana.

Woods, during a recent CNBC interview, spoke about ExxonMobil’s operations in Guyana and addressed the situation regarding Chevron’s acquisition of Hess.

ExxonMobil Guyana Limited, alongside coventurers, Hess and CNOOC, is developing oil and gas resources in Guyana’s prolific Stabroek Block. That block is a giant, oil-rich area about 200 kilometres offshore. Chevron’s acquisition of Hess has raised questions about how Hess’ stake in the Stabroek Block would be affected. ExxonMobil has disputed Chevron’s right to absorb Hess’ 30% stake here.

Woods, during the interview, noted that it is understandable why the company would be interested in Guyana.

“If you look at Guyana and the development there, I think it will go down as one of the best deep water developments in the history of the industry,” he said.

As the companies navigate that acquisition and a process of arbitration unfolds, Woods emphasised that Guyana is an important development for the top oil corporation.

The CEO’s statements came after the company announced its first-quarter 2024 results. It recorded first-quarter earnings of US$8.2 billion.

“Strong advantaged volume growth primarily from Guyana and the Beaumont refinery expansion, and structural cost savings helped to offset lower base volumes from divestments, unfavourable entitlements, and government-mandated curtailments, and higher expenses from scheduled maintenance,” ExxonMobil said in a release announcing the Q1 results.

It added, “We delivered a strong quarter with continued growth in advantaged assets, such as Guyana, where production continues at higher-than-expected levels, contributing to historic economic growth for the Guyanese people.”