Vice President, Dr. Bharrat Jagdeo disclosed today that Guyana could get as much as US$6B in revenues annually from the Whiptail Project, the sixth development in the ExxonMobil-operated Stabroek Block.
During a press engagement at Office of the President, the chief policymaker for the oil sector said, “…if we forecast our oil production at Whiptail which will be approved, and if we factor in current oil prices, the revenue for the State in 2028 to 2030 could be US$5.7B to US$6B …”
The Guyanese politician said this imbues authorities with the financial strength needed to respond accordingly to debt service payments. Even now, the vice president said the government is in good standing since external debt at the end of 2023 stood at US$1.8B. He said that this is more than covered when one considers that oil revenue collection is forecast at US$2.7B for 2024.
At a previous press briefing, Jagdeo confirmed that Guyana’s sixth oil project is on track for government approval this quarter.
According to project documents, the Whiptail development project is pegged at US$13B and will develop the Whiptail, Pinktail, and Tilapia fields, along with potential additional resources, if determined to be feasible and economically viable. Production is expected to begin between the fourth quarter of 2027 and the second quarter of 2028 with an expected field life of at least 20 years.
According to ExxonMobil, the project will be designed to produce up to 275,000 barrels of oil a day.
Based on ExxonMobil’s plans, six oil ships with a gross production capacity of more than 1.2 million barrels of oil per day are expected to be online in the Stabroek block by the end of 2027.
The Stabroek block covers 6.6 million acres (26,800 square kilometers) and is operated by ExxonMobil’s affiliate with a 45% interest. The company’s partners in the block are Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).
