Exxon Mobil Corp (NYSE:XOM, ETR:XONA) and Hess Corp (NYSE:HES) are now moving forward with the next leg of its giant oilfield development offshore Guyana.
The Whiptail project, which today received approval from the Guyana government, promises to unlock another 250,000 barrels of oil per day by the end of 2027.
It’s a $12 billion investment programme that will comprise a total of 48 wells spanning 10 well drilling centers.
Whiptail will be the sixth project in the Stabroek block, where Exxon and its partners will be producing an aggregate of 1.3 million barrels a day by the time it comes online. An estimated 11 billion barrels of oil have been discovered within Stabroek.
“Our unrivaled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers, and contractors," Exxon's president of Upstream, Liam Mallon said in a statement.
"The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio and will provide the world with additional reliable energy supplies now and for years to come.”