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President of ExxonMobil Guyana, Alistair Routledge, on Tuesday announced that more than one billion barrels of oil may have already been produced from the prolific Stabroek Block offshore Guyana.
Oil production offshore Guyana started in December 2019, at the Liza Phase I development in the Stabroek Block. Since then, production has expanded at several other developments, and the country now produces an average of 900,000 barrels of oil daily. By the end of 2026, it is expected that production will commence at the fifth development — Uaru — taking Guyana's output to more than one million barrels of oil daily.
As Guyana and the ExxonMobil-led consortium working in the Stabroek Block ready for that scale-up in production, Routledge announced the one billion barrels production milestone.
"Another milestone that we're about to push past — depending on how you count the barrels — we may have already surpassed a billion barrels of production in Guyana," Routledge said at the launch of the 2027 Guyana Energy Conference on Tuesday. The conference will be held from February 16 to 19 next year.
The ExxonMobil official described the developments in Guyana as "quite a feat" given the pace at which new developments were rolled out from the first major discovery in 2015 and the startup of production in 2019.
The Stabroek Block is estimated to hold about 11 billion barrels of oil equivalent. ExxonMobil is the operator of the block and holds a 45% stake. Chevron (30%) and CNOOC (25%) are partners in this block.
The Guyana Government has been pushing for expanded production offshore and launched an oil block auction in 2022. A total of 14 blocks — 11 shallow and three deepwater — were up for grabs. Agreements for two shallow blocks were signed, while negotiations for the others remain ongoing.
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