ExxonMobil Guyana and its co-venturers, Hess and CNOOC, announced on Wednesday that they have reached a significant milestone of 500 million barrels of oil produced from the offshore Stabroek block.
The achievement comes less than five years after Guyana officially became an oil-producing nation, marking a rapid and industry-leading pace of development.
“Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our co-venturers, suppliers and contractors,” said ExxonMobil Guyana President Alistair Routledge.
“We remain committed to Guyana for the long-term and look forward to continue delivering for the country.”
ExxonMobil, Hess, and CNOOC have invested nearly US $55 billion to develop six government-sanctioned projects on the Stabroek block.
The first three projects – Liza Phase 1, Liza Phase 2, and Payara – are currently averaging more than 650,000 barrels of oil per day.
The companies plan to more than double production capacity to over 1.3 million barrels per day by the end of 2027, once all six projects are fully operational.
The oil production from the Stabroek block has already generated substantial revenue for the country, with more than US $5.4 billion in oil revenues and royalties paid into the Guyana Natural Resource Fund since the start of production in December 2019.
The growing oil sector is also creating significant economic opportunities, with more than 6,000 Guyanese currently employed in supporting the Stabroek block operations. This represents nearly 70% of the industry workforce.
ExxonMobil Guyana Limited operates the Stabroek block and holds a 45% interest. Hess Guyana Exploration Ltd. owns a 30% stake, while CNOOC Petroleum Guyana Limited holds 25%.
With production continuing to rise and further projects in the pipeline, ExxonMobil and its partners are confident that their ongoing investments will contribute to the sustainable growth and prosperity of Guyana for many years to come.
