ExxonMobil Guyana Achieves Second-Highest Oil Output with 649,000 Barrels in April 2024

ExxonMobil Guyana Limited reached its second-highest production output on April 28, 2024, producing 649,000 barrels of crude oil. This significant achievement was made possible by the company's Floating Production Storage and Offloading (FPSO) vessels, including Prosperity, Liza Destiny, and Liza Unity, operating above their design capacity in the Stabroek Block offshore Guyana.

The Stabroek Block has rapidly emerged as the world's fastest-growing oil region since its first offshore discovery in 2015. ExxonMobil Guyana Limited has been at the forefront of this growth, with several FPSO projects, including FPSO Liza Destiny, FPSO Liza Unity, and FPSO Prosperity, contributing significantly to the region's output.

Why this matters: This achievement highlights the growing importance of Guyana as a major oil producer, which could have significant implications for the global energy market. As Guyana's oil production continues to increase, it could lead to changes in the global oil supply and potentially impact oil prices.

Guyana's oil production has seen a remarkable increase, reaching 645,000 barrels per day (b/d) as of early 2024. This growth has made Guyana the third-fastest growing non-OPEC producing country from 2020 to 2023, with an annual average increase of 98,000 b/d. The country's crude oil production has been the largest contributor to its economic growth, with the GDP growing by 62.3% in 2022, the highest real GDP growth in the world that year, according to the International Monetary Fund (IMF).

ExxonMobil and its partners, Hess and the China National Offshore Oil Corporation (CNOOC), have made over 30 additional offshore oil and natural gas discoveries within the Stabroek Block. These discoveries have significantly boosted the region's estimated recoverable oil and natural gas resources to more than 11 billion oil-equivalent barrels. The first significant oil discovery in offshore Guyana was made by ExxonMobil in 2015 at what is now the Liza project in the Stabroek Block, which is operated by ExxonMobil Guyana.

Guyana's oil production is primarily driven by three FPSO vessels: Liza Destiny, Liza Unity, and Prosperity. These vessels are responsible for producing oil and natural gas from the Liza and Payara projects. The partners in the Stabroek Block plan to increase the combined production capacity to approximately 1.3 million b/d in the coming years, making Guyana a significant player in the global oil industry.

Located on South America's northern coast, Guyana shares borders with Venezuela, Suriname, and Brazil. Since starting production in 2019, the country has seen significant growth in its oil industry, with ExxonMobil, Hess, and CNOOC playing pivotal roles in this development.

ExxonMobil Guyana Limited's achievement of producing 649,000 barrels of crude oil in a single day highlights the company's ongoing success and the potential for further growth in the Stabroek Block. As exploration and production continue, Guyana is poised to become an even more significant player in the global energy market.

Key Takeaways

• ExxonMobil Guyana reached 649,000 barrels of crude oil production on April 28, 2024.
• Guyana's oil production grew to 645,000 barrels per day (b/d) as of early 2024.
• Guyana is the 3rd-fastest growing non-OPEC producing country from 2020 to 2023.
• ExxonMobil and partners made over 30 offshore oil and natural gas discoveries in the Stabroek Block.
• Guyana's oil production capacity is expected to increase to 1.3 million b/d in the coming years.