ExxonMobil has made a final investment decision to proceed with the Whiptail development offshore Guyana.

This marks the sixth project in the prolific Stabroek block. The project is anticipated to contribute an additional 250,000bopd to the block's production capacity by the end of 2027.

Representing a $12.7bn investment, the Whiptail project will comprise up to ten drill centres and 48 production and injection wells.

The Jaguar, a floating production storage and offloading (FPSO) vessel for the Whiptail project, is currently under construction.

This addition will join the three existing FPSOs – Liza Destiny, Liza Unity and Prosperity – which are already operational offshore Guyana.

Furthermore, construction is in progress for the FPSOs assigned to the Yellowtail and Uaru projects, with Yellowtail expected to commence production in 2025, followed by Uaru in 2026.

ExxonMobil Upstream Company president Liam Mallon said: “Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day.

“Our unrivalled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the Government of Guyana, as well as our partners, suppliers and contractors.

“The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio and will provide the world with additional reliable energy supplies now and for years to come.”

ExxonMobil Guyana, an affiliate of ExxonMobil, operates the Stabroek block with a 45% stake. Hess Guyana Exploration owns a 30% interest while CNOOC Petroleum Guyana holds the remaining 25% stake in the block.

Last month, ExxonMobil made a new oil and gas discovery at the Bluefin well in the Stabroek block.