ExxonMobil Commits $12.5 Billion to Guyana Longtail Project
ExxonMobil approved a $12.5 billion investment for the Longtail offshore development in Guyana to target non-associated gas and condensate reservoirs.
ExxonMobil made a final investment decision to spend $12.5 billion on the Longtail development offshore Guyana. This project marks the eighth development on the Stabroek block and is the first to target non-associated gas and condensate-rich reservoirs in the block's southeastern region.
Scheduled to start up in 2030, the project will employ a floating production storage and offloading vessel. This vessel will process 1.2 Bcfd of gas and produce up to 250,000 bpd of condensate through approximately 45 subsea wells. The company noted that gas may be piped to shore depending on future market demand and infrastructure.
ExxonMobil operates the project and holds a 45% interest in the Stabroek block, while Hess Guyana Exploration and CNOOC Petroleum Guyana hold 30% and 25% interests, respectively. Dan Ammann, President of ExxonMobil Upstream Co, stated that the project is intended to unlock new value for Guyana while meeting global energy demand.
