Before the end of 2024, ExxonMobil Guyana Limited (EMGL) said it will reach 500 million barrels of oil produced, since oil production started offshore Guyana in 2019. This was disclosed by the company’s Vice President and Business Services Manager, Phillip Rietema.
Last week, Rietema gave a presentation at the International Business Conference (IBC). As part of his presentation, he had a slideshow, which disclosed, “Before year end, we will hit 500M barrels of oil produced since 2019.”
Rietema also spoke about Exxon’s success in Guyana, of moving from discovery in 2015 to first oil by December 2019, to now having six projects sanctioned in the Stabroek Block.
Oil production from the Stabroek Block is currently at 650,000 barrels of oil per day, from just three developments, Liza 1, Liza 2 and Payara. Those developments are supported by three floating production storage and offloading (FPSOs): Destiny, Unity and Prosperity.
“We have six sanctioned projects, just [to] put it in context. I don’t think there’s anywhere in the world where we’ve been able to go so quickly from discovery to production to now six sanctioned projects,” he told the audience at the Guyana Marriott Hotel.
Rietema explained that the company has three more projects to come onstream, with approval pending for the seventh development in the Stabroek Block.
“These are renderings of the third, the fourth, fifth and sixth FPSOs for those projects that are scheduled to come online in 2025 and then two in 2027,” Rietema said. His slideshow noted that with the target of having six projects being onstream by the end of 2027, oil production in Guyana will hit 1.3 million barrels of oil per day.
As it relates to the seventh project, Hammerhead, Rietema said, “If you’ve been reading the news here in Guyana, we’ve also announced that we’re planning for a seventh project on the Hammerhead discovery. The regulatory reviews on the environmental side are underway, and we’re hoping to receive regulatory approval by the middle of next year.”
