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ExxonMobil, a prominent US oil and gas company, has finalized its decision to proceed with the development of the Whiptail oil field within the Stabroek block located offshore Guyana.

The total financial commitment to this development project stands at $12.7 billion. Anticipated production from the field by the end of 2027 is estimated to reach approximately 250 thousand barrels per day (bpd). This significant addition will elevate Guyana’s total oil production to 1.3 million bpd, placing the nation among the ranks of the world’s leading oil producers.

Exxon intends to drill a total of 48 wells within the field as part of its development strategy.

Having been active in Guyana for five years, ExxonMobil has contributed over $4.2 billion to the country’s economy during this period. Additionally, more than 6 thousand local residents are employed in Exxon’s operations, with a production volume exceeding 600 thousand bpd.

ExxonMobil Guyana Limited, a subsidiary of Exxon, serves as the operator of the Stabroek block and holds a 45% stake in the project. Hess Guyana Exploration Ltd. holds 30%, while CNOOC Petroleum Guyana Limited holds the remaining 25% ownership share.

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