500 million barrels of oil extracted from Guyana’s Stabroek Block

ExxonMobil Guyana, alongside Hess and CNOOC, announced the production of 500 million barrels of oil from the Stabroek block, achieved in under five years since Guyana became an oil producer.

The rapid development of the Stabroek block underscores Guyana’s rise as a significant player in the global oil industry. ExxonMobil Guyana President Alistair Routledge credited the milestone to collaboration with the Guyanese government, co-ventures, and contractors, emphasizing long-term commitment to the nation.

ExxonMobil holds a 45 percent stake in the Stabroek block, with Hess owning 30 percent and CNOOC 25 percent. The consortium has committed nearly US$55 billion to six government-approved projects, with current production exceeding 650,000 barrels per day across the Liza Phase 1, Liza Phase 2, and Payara projects.

By 2027, production capacity is expected to surpass 1.3 million barrels per day.

Since oil production began in December 2019, Guyana has earned over US$5.4 billion in revenues and royalties, with 6,000 Guyanese workers – 70 percent of the local industry workforce—supporting operations.

Government defends ExxonMobil Profit-Sharing Agreement

Attorney General Anil Nandlall dismissed calls for a referendum on the 2016 ExxonMobil profit-sharing agreement (PSA), calling the proposal politically motivated and legally futile. Speaking on his program, Issues in the News, Nandlall criticized the opposition for pushing for public interference in an agreement they signed without consultation during their tenure.

Nandlall emphasized that the PSA legally prohibits unilateral changes without consent from all parties. While acknowledging unfavorable terms, he stated that honoring the agreement protects Guyana’s reputation as a reliable investment destination. Adherence to the rule of law, he added, is crucial for attracting large-scale investments and sustaining economic growth. -(CMC)