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Exxon has made two more discoveries offshore Guyana, the supermajor said this week, bringing the total discoveries made in the country to 25.
Since the start of the year alone, Exxon has struck oil at seven locations in the Stabroek block off the Guyana coast.
The company has more drilling plans for the location, where it is already producing more than 340,000 barrels of crude daily from two floating production, storage, and offloading vessels (FPSO). Exxon and its partners in Guyana—Hess Corp. and CNOOC—plan to expand their oil repertoire by another 220,000 bpd before the end of 2023.
Earlier this year, Exxon approved its fourth offshore project in Guyana, at Yellowtail, which is expected to produce 250,000 barrels per day (bpd) starting in 2025. By 2027, Exxon plans to produce more than 850,000 bpd from Guyana’s offshore fields.
So far, the company and its partners in the South American country have tapped resources of over 11 billion barrels of crude, jumpstarting Guyana’s oil industry. Earlier this year, Exxon said it would see approval for another 35 wells from the Guyanese authorities next year.
Guyana began exporting oil just three years ago, but its revenues from these exports are already on track to exceed $1 billion, according to a recent Rystad Energy report. By 2030, the tiny nation could see oil export revenues of $7.5 billion.
Thanks to the discoveries made in its waters, Guyana has become the world leader in oil and gas discoveries, accounting for 18 percent of globally discovered oil and gas resources and 32 percent of oil discoveries specifically.
Earlier this month, Guyana’s President, Irfaan Ali, told Reuters the government planned to see crude oil production rise to 1.2 million bpd by 2027 and that it also wanted to see more oil companies take an active part in the development of its resources.
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.