ExxonMobil Approves Whiptail Development, Guyana Set to Boost Oil Capacity

The content originally appeared on: News Americas Now

News Americas, GEORGETOWN, Guyana, Fri. April 12, 2024: ExxonMobil has greenlit the Whiptail development offshore Guyana, marking its sixth project on the Stabroek block. Anticipated to enhance daily capacity by 250,000 barrels by 2027, the decision follows necessary government and regulatory nods.

Liam Mallon, President of ExxonMobil Upstream Company, lauded the move, underscoring the company’s strategic partnership with the Guyanese government. With a $12.7 billion investment, Whiptail envisages up to 10 drill centers and 48 production and injection wells.

Mallon emphasized ExxonMobil’s commitment to local community development, pledging support for sustainable initiatives across Guyana. The cumulative impact of Stabroek block operations has already seen significant economic uplift, with over $4.2 billion channeled into the Guyana Natural Resource Fund since 2019.

Moreover, the project boasts a substantial local workforce, with 6,200 Guyanese employees contributing to operations, representing 70% of the total workforce. ExxonMobil’s investment in local suppliers has surpassed $1.5 billion since 2015, further bolstering Guyana’s economic resilience.

The Whiptail project aligns with the ongoing expansion of Guyana’s oil infrastructure, with the Floating Production Storage and Offloading (FPSO) vessel Jaguar currently in construction. This adds to the three FPSOs already operational offshore, each producing over 600,000 barrels of oil per day. Construction is underway for FPSOs dedicated to the Yellowtail and Uaru projects, slated to commence production in 2025 and 2026 respectively.