ExxonMobil said it has made a final investment decision to proceed with the development of Whiptail, the sixth project in the Stabroek block in Guyana, following receipt of the necessary government and regulatory approvals.
The Whiptail project, which will use a FPSO (product storage and offloading vessel), will require an investment of approximately $12.7 billion and will include up to ten drilling centers with 48 production and injection wells. The FPSO, which will be named Jaguar, is currently under construction.
By the end of 2027, the development will increase the production capacity of the Stabroek block by approximately 250,000 barrels per day and bring Guyana’s production capacity to approximately 1.3 million b/d.
ExxonMobil Guyana (a subsidiary of ExxonMobil) operates the Stabroek block with a 45% interest, Hess Guyana Exploration owns 30% and CNOOC Petroleum Guyana 25%.
There are currently over 6,200 Guyanese (70% of the workforce) supporting the Stabroek blockade operations.
Projects in the Stabroek Block are also supporting Guyana’s economic development, with more than $4.2 billion paid into the Guyana Natural Resources Fund since first production in 2019.
In November 2023, ExxonMobil and Hess began production at the $9 billion Payara field in the Stabroek block.
Three FPSOs – Liza Destiny, Liza Unity and Prosperity – currently operate offshore Guyana and produce more than 600,000 b/d of oil. FPSO construction is currently underway for the Yellowtail and Uaru projects. Yellowtail is expected to begin production in 2025, while Uaru plans to begin production in 2026.
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