-Achieves milestone in under five years, with ambitious plans to double production by 2027

 In less than five years since Guyana entered the ranks of oil-producing nations, ExxonMobil Guyana and its Stabroek block co-venturers, Hess and CNOOC, have announced that they have reached 500 million barrels of oil produced from the Stabroek block.

In a statement issued on Wednesday, the company said that this milestone underscores the consortium’s rapid pace of development and commitment to maximizing Guyana’s offshore oil resources.

President of ExxonMobil Guyana, Alistair Routledge, credited close collaboration with the Guyanese government and key industry partners for the milestone.

“Our unrivalled success in developing Guyana’s oil resources at an industry-leading pace, cost, and environmental performance is built on close collaboration with the government of Guyana, as well as our co-venturers, suppliers, and contractors,” Routledge stated.

“We remain committed to Guyana for the long term and look forward to continuing to deliver for the country.”

With nearly $55 billion earmarked to develop six government-sanctioned projects, the Stabroek block operations already include three key developments: Liza Phase 1, Liza Phase 2, and Payara, which together are producing over 650,000 barrels of oil daily.

The consortium aims to expand production capacity to more than 1.3 million barrels per day by 2027, a target achievable as all six projects are expected to be operational by then.

The financial impact of these operations on Guyana is significant. Since the first production in December 2019, oil revenues and royalties totalling over $5.4 billion have flowed into the Guyana Natural Resource Fund.

Furthermore, the industry has generated substantial local employment, with more than 6,000 Guyanese making up nearly 70% of the workforce on the Stabroek block.

ExxonMobil Guyana Limited serves as the operator with a 45% stake in the Stabroek block, while Hess Guyana Exploration Ltd. holds a 30% interest, and CNOOC Petroleum Guyana Limited owns the remaining 25%.