Guyana is experiencing a surge in oil production, with the four projects in the Stabroek Block offshore pumping out approximately 740,000 barrels of crude daily.
The four projects, namely Liza I, Liza II, Payara, and Yellowtail, are all contributing to this impressive figure. The newest venture, Yellowtail, has been producing oil since August, with production expected to reach full capacity by the end of this year.
ExxonMobil Guyana President Alistair Routledge announced that the country’s total output should reach 900,000 barrels daily once all projects are at full capacity. The company is confident in its ability to meet this goal, with a projected production capacity of 1.7 million oil equivalent barrels per day by 2030.
With several new developments on the horizon, including the Hammerhead project and Uaru and Whiptail projects, ExxonMobil Guyana is poised for continued growth in the coming years.
The company has also been investing heavily in local businesses, with over $2.9 billion spent with Guyanese firms since operations began in 2015.
Source: newsroom.gy
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