ExxonMobil Corporation (NYSE:XOM), along with its partners Hess Corporation (NYSE:NYSE:HES) and China's CNOOC (NYSE:NYSE:CEO), is progressing towards its sixth oil venture in Guyana. The Whiptail offshore oil project, which is expected to receive a final investment decision (FID) by the first quarter of 2024, was outlined in a $12.9 billion development plan recently submitted to the Guyanese government.
The project involves the construction of a floating production platform and is slated to commence operations from late 2027. This development is projected to increase the consortium's oil yield in Guyana to over 1.2 million barrels per day (bpd), as declared by ExxonMobil's country chief, Alistair Routledge.
In addition to the Whiptail project, ExxonMobil plans to begin production at its third Floating Production, Storage, and Offloading (FPSO) vessel at the Payara project by the end of this year. This move is expected to significantly boost the current output to nearly 600,000 bpd by early 2024.
At present, the consortium has a production capacity exceeding 380,000 bpd through two vessels. It aims to develop up to 10 offshore projects within Guyana, further solidifying its presence in the region's energy sector.
Other leading entities in the energy sector include Matador Resources Company (NYSE:NYSE:MTDR) with a Zacks Rank #1 (Strong Buy), and Pioneer Natural Resources Company (NYSE:NYSE:PXD), also holding a Zacks Rank. ExxonMobil currently holds a Zacks Rank #2 (Buy).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.