ExxonMobil, Hess Sanction $12.7B Whiptail Oil Project in Guyana
HOUSTON, TX – April 12, 2024 – ExxonMobil and Hess Corporation have given the go-ahead to their sixth oil development project in the Stabroek Block off the coast of Guyana, marking another major milestone in the country’s burgeoning oil industry.
Estimated Resource Base and Daily Capacity
The Whiptail project is expected to target an estimated resource base of more than 850 million barrels of oil. It will include up to 10 drill centers and 48 production and injection wells.
Once fully operational by the end of 2027, Whiptail is projected to add around 250,000 barrels of daily production capacity to Guyana’s oil output.
FPSO Construction Underway
The Floating Production Storage and Offloading (FPSO) vessel for the Whiptail project, named Jaguar, is currently under construction. Three other FPSOs are already operating and producing over 600,000 barrels of oil daily in the Stabroek Block.
Guyana’s Economic Boom
The development of the Stabroek Block is expected to generate tens of billions of dollars in revenue for Guyana, a country with a population of just over 800,000 people.
ExxonMobil Guyana Limited holds a 45% stake in the Stabroek Block, while Hess Guyana Exploration Ltd. holds 30% and CNOOC Petroleum Guyana Limited holds the remaining 25%.
ExxonMobil’s Global Expansion
The Whiptail project is part of ExxonMobil’s broader strategy to expand its presence in Guyana and other emerging oil-producing regions around the world.
ExxonMobil CEO Darren Woods said, “We are excited to sanction Whiptail, our sixth oil development on the Stabroek Block, and remain on track to have six FPSOs online by the end of 2027 with a total gross production capacity of approximately 1.3 million barrels of oil per day.”
Guyana’s Growing Influence
Guyana’s oil industry is rapidly transforming the country’s economy and boosting its international profile. The government is investing heavily in infrastructure, education, and healthcare to ensure that the benefits of the oil boom are shared equitably.
Guyana’s President Irfaan Ali said, “This is a historic moment for Guyana. The development of the Whiptail project will create thousands of jobs, support the growth of our economy, and provide us with the resources to invest in our people and build a sustainable future.”