Exxon-led group in Guyana reaches 500M-barrel oil production milestone
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Exxon Mobil (NYSE:XOM) said Wednesday it reached 500M barrels of oil produced from Guyana’s offshore Stabroek block since the project’s 2019 launch.
The Exxon-led (XOM) consortium which includes Hess (HES) and China’s Cnooc (OTCPK:CEOHF) aim to raise production capacity to more than 1.3M bbl/day of oil by year-end 2027 when six approved offshore projects come online.
The first three projects – Liza Phase 1, Liza Phase 2 and Payara – are pumping more than 650K bbl/day, Exxon (XOM) said.
Guyana government data showed the consortium’s agreement generated $6.33B for the partners last year, with Exxon (XOM) netting $2.9B, Hess (HES) earning $1.88B, Cnooc (OTCPK:CEOHF) amassing $1.52B from Stabroek.
Separately, SBM Offshore (OTCPK:SBFFF) (OTCPK:SBFFY) said it completed the $1.23B sale of the Prosperity floating production, storage, and offloading unit to Exxon (XOM) for use offshore Guyana.