ExxonMobil has applied for environmental permits for its eighth project, Longtail, in Guyana, its first venture to generate gas not linked to oil production.
A consortium led by Exxon plans to explore another well at its offshore block, according to Exxon Guyana president Alistair Routledge, reported Reuters.
The consortium, which includes Hess and CNOOC, aims to increase production capacity to more than 1.7 million barrels per day (mbbl/d) by the end of 2029.
This year, Exxon plans to enhance output capacity to 940,000 barrels per day (bpd), up from 616,000bpd in 2024, following upgrades to two floating oil facilities and the arrival of a fourth vessel.
The Longtail project is expected to contribute up to 250,000bpd of crude output and one billion cubic feet per day of gas production by 2030.
Guyana has urged Exxon to boost natural gas production to support power generation, industrialisation, and the development of petrochemical and LNG businesses, the report said.
The consortium recently completed an appraisal of its gas resources, allowing for a more precise calculation of available resources.
Exxon Guyana president Alistair Routledge was quoted by the news agency as saying: “All of that data is now being put back into the geologic models, reservoir models, in order to inform us of what sort of upstream development might be possible.”
This study could align Exxon’s efforts with a large development awarded to Fulcrum LNG, aimed at establishing Guyana’s first liquefied natural gas (LNG) project.
However, Routledge noted that Exxon has not had recent discussions with Fulcrum LNG.
Guyana’s economy experienced its fifth consecutive year of double-digit growth in 2024, expanding by 43.6% due to increased crude production. Oil output rose 58% from 391,000bpd in the same period.
Exxon is set to commence its fourth project, Yellowtail, upon arrival of a floating production storage and offloading (FPSO) facility from Singapore, constructed by SBM Offshore.
Exxon expects to start oil production from its fifth, sixth and seventh projects – Uaru, Whiptail and Hammerhead – between 2026 and 2029.
