500 Million Barrels of Oil Produced from Guyana’s Stabroek Block

[escveritas]

13 Nov 2024

Guyana’s Stabroek Block reached a significant production milestone this week – 500 million barrels of oil produced less than five years after Guyana became an oil-producing nation.

“We are proud to be a partner in the successful development of this world class oil resource at an industry leading pace, cost and environmental performance,” said Clare Gardner, Hess Vice President Guyana & Suriname, Global Exploration. “We look forward to continuing to work with our partners and the Government of Guyana to realize the full potential of the Stabroek Block for the benefit of the people of Guyana and all other stakeholders. The world will need these low-cost oil resources to meet future energy demand and help ensure an affordable, just and secure energy transition.”

Hess, ExxonMobil Guyana and CNOOC have committed nearly US $55 billion to develop six government-sanctioned developments on the Stabroek Block, offshore Guyana. The first three projects – Liza Phase 1, Liza Phase 2 and Payara – are averaging more than 650,000 barrels of oil per day in production. Plans are in place to grow production capacity to more than 1.3 million barrels of oil per day by the end of 2027, when all six developments are expected to be up and running.

Oil production will generate tens of billions of dollars of revenue and significant economic development for Guyana. Since first production in 2019, more than US $5.4 billion in oil revenues and royalties have been paid into the Guyana Natural Resource Fund. More than 6,000 Guyanese support the Stabroek Block operations, which is nearly 70% of the industry workforce locally.

The Stabroek Block is 6.6 million acres. ExxonMobil affiliate ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.