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Exxon boosts oil production in Guyana to approximately 645,000 barrels per day

Exxon Mobil Corp, spearheading a consortium that governs all oil production in Guyana, has successfully increased daily output to approximately 645,000 barrels, signaling a noteworthy surge from the levels recorded in late 2023, which stood at around 400,000 bpd. This positive development was revealed during a press conference held by the U.S. producer on Tuesday. Guyana has swiftly established itself as the world's fastest-growing new oil province, propelled by discoveries exceeding 11 billion barrels of oil and gas, a collaborative effort led by Exxon and supported by partners Hess Corp and CNOOC Ltd.

The operational platforms, including Liza Destiny, Liza Unity, and Prosperity, are not only meeting but surpassing their initial capacity estimates. Collectively, these platforms contribute 160,000 bpd, 250,000 bpd, and 230,000 bpd, respectively. The consortium is strategically positioned to advance up to 10 offshore projects, with proposed budgets reaching approximately $40 billion for six projects, of which $29 billion has already been invested. The fourth, fifth, and sixth projects – Yellowtail, Uaru, and Whiptail – are anticipated to possess a production capacity of 250,000 bpd each, charting a course for Guyana's oil output to exceed an impressive 1.2 million bpd by the year 2027.

This surge in oil production not only underscores the region's pivotal role in the global energy landscape but also highlights the consortium's commitment to strategic development and sustained growth in Guyana's burgeoning oil sector. As the consortium continues to invest in and explore additional offshore projects, Guyana is poised to further solidify its position as a key player in the international energy arena.

The detailed article published by www.hellenicshippingnews.com can be accessed from https://www.hellenicshippingnews.com/exxon-raises-guyanas-oil-production-to-about-645000-barrels-per-day/#:~:text=A%20consortium%20led%20by%20Exxon,a%20press%20conference%20on%20Tuesday

Exxon boosts oil production in Guyana to approximately 645,000 barrels per day

Oil

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