–production could begin in 2027; SBM awarded contract to build FPSO for this sixth development project
–to provide critical resources for further economic, social upliftment of Guyana, Natural Resources Ministry says

THE Government of Guyana has granted a Petroleum Production Licence to the Stabroek Block operator, ExxonMobil, for its sixth development offshore Guyana, Whiptail.

The Ministry of Natural Resources, on Friday, said that this US$12.7 billion development will produce 250,000 barrels of oil daily, bringing daily production to 1.3 million by the end of 2027.
According to the Ministry of Natural Resources, this development will include up to 10 drill centres with 48 production and injection wells.

SBM Offshore has been awarded the contract by ExxonMobil Guyana for the construction of Jaguar, the floating, production and offloading (FPSO) vessel identified for this development.
“This vessel joins the Liza Destiny, Liza Unity and Prosperity FPSOs, which combined, are currently producing over half a million barrels of oil daily. Construction is also in progress for the Yellowtail and Uaru developments. Production for these projects is slated to commence in 2025 and 2026, respectively.

“Notably, oil production from this sixth development will generate billions in revenue for Guyana, thereby supporting significant economic and social upliftment for the country and its citizens,” the ministry said.

According to ExxonMobil Guyana, first oil from the Whiptail development is anticipated for 2027, and its announcement further earmarks deep-water Guyana as an investment boom and driver of economic growth in the region.

These new projects represent significantly larger investments than earlier ones like the Liza Phase One and Two projects, and will tap into more difficult-to-access reservoirs in deeper waters.
Building upon the success seen in 2022, during which the oil sector employed over 5,000 Guyanese workers, Whiptail will increase local content opportunities for Guyanese-owned-and-operated businesses.

President of ExxonMobil Upstream Company, Liam Mallon highlighted the company’s commitment to local-content opportunities and reiterated that it is a partner in Guyana’s development.
“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,” Mallon said.

Production from the six Stabroek Block developments will generate tens of billions of dollars of revenue, and significant economic development for Guyana. Since first production in 2019, more than US$4.2 billion has been paid into the Guyana Natural Resource Fund.

There are currently 6,200 Guyanese working in support of Stabroek Block operations—which is 70 per cent of the workforce. The cumulative spending of ExxonMobil Guyana and its contractors with Guyanese suppliers since 2015 surpassed US$1.5 billion at the end of 2023.

Guyana’s energy sector is expected to boost national security and prosperity with its oil and gas industry having experienced exponential growth, with production numbers rising from 101.4 million barrels in 2022 to 142.9 million barrels of oil in 2023, contributing to an estimated 40.2 per cent surge in export volume.

Also, Guyana is expected to witness a significant 34.3 per cent increase in its real GDP in 2024, primarily due to the growth in oil production from the Prosperity FPSO.

Further development across all sectors is also expected, as the government plans to improve and expand the Guyana Power and Light (GPL) generation capacity with the gas-to-energy project and other initiatives.

The revenue generated from oil exports has enabled the government to invest in critical sectors such as infrastructure development, education, healthcare, and agriculture.