Exxon approves eighth energy project in Guyana, the first to focus on gas
XOM•An ExxonMobil-led consortium approved $12.5 billion for Longtail, its eighth project in Guyana and the first there focused on producing natural gas and condensate not associated with oil. Production is expected to begin in 2030.
1. Project approval
The ExxonMobil-led consortium approved funding for Longtail, the eighth development in Guyana’s Stabroek block and the first in the country to produce natural gas and condensate not associated with oil production. The $12.5 billion project is expected to begin production in 2030.
2. Planned capacity
A floating production and storage vessel is expected to process 1.2 billion cubic feet of gas per day and produce up to 250,000 barrels of condensate per day. The development is expected to include about 45 offshore wells. Gas could be transported onshore by pipeline, subject to demand and the development of necessary infrastructure.
3. Consortium plans
Exxon operates the Stabroek block joint venture with a 45% interest; Chevron holds 30% and CNOOC holds 25%. The consortium aims to scale up production in Guyana to 1.7 million barrels of oil equivalent per day by 2030. Guyana has pushed for more gas to be delivered onshore for potential industrial projects, including a fertilizer plant and data centers.
