Exxon’s Guyana Projects Hit 900,000 BPD, Aim for 1.7M BPD by 2030
Guyana has reached 900,000 barrels per day of oil output from ExxonMobil’s Stabroek block after starting its Yellowtail project, with eight developments targeting 1.7 million bpd by 2030. Eased tensions following Venezuela’s leadership change could lift force majeure on 30% of the block pending an International Court of Justice border ruling.
1. Production Milestones
ExxonMobil’s consortium in Guyana started up its fourth project, Yellowtail, lifting Stabroek block output to 900,000 barrels per day. With eight developments online or underway, the consortium projects capacity will grow to 1.7 million bpd by 2030.
2. Territorial Dispute and Force Majeure
Venezuela’s longstanding claim on Guyana’s Essequibo region has prompted force majeure on about 30% of the Stabroek block. A favorable International Court of Justice border ruling could unlock that acreage, allowing exploration and development work to resume.
3. Impact of Venezuelan Leadership Change
Recent changes in Venezuelan leadership have reduced naval patrols and threats of annexation, creating a more stable operating environment. ExxonMobil’s CEO highlighted that eased tensions may accelerate the lifting of force majeure and access to additional reserves.