Exxon Mobil and its partners are set to invest US$12.9bn in the development of their sixth offshore oil project in Guyana, with a floating production platform for the Whiptail project scheduled to commence operations in 2027. The partners intend to drill up to 72 wells, with drilling scheduled from late 2024 to mid-2030, and subsea component installation set to begin in late 2025 or early 2026.This initiative will elevate the consortium's oil output in Guyana to over 1.2 mb/d. The Exxon-led group, which includes Hess Corp and CNOOC, currently produces 400 kb/d from two vessels and envisions the potential for up to 10 offshore projects.
Since its first findings in 2015, Guyana has become one the most rapidly expanding oil-producing nation, with discoveries totalling more than 11 Gboe of oil and gas. The country recently passed a Petroleum Activities Bill, granting the Ministry of Natural Resources the power to oversee various aspects of oil operations, including exploration, production licenses, and environmental permits, whether obtained through tenders or negotiations.