Exxon, Hess and CNOOC Prepare New Oil Project in Guyana
American and Chinese oil and gas companies are preparing to launch the sixth offshore oil project in the Latin American country. $12.93 billion has been allocated for its development.
The new project, called Whiptail, will be commissioned in 2027. This is not the first permission for a new oil production project for foreign investors this year. The Guyanese government has given the green light to a multibillion-dollar project proposed by Exxon and partners for the Stabroek bloc. It is believed that at this new field (Urau), the consortium will be able to produce approximately 250,000 bpd.
Together, Urau with Whiptail will allow Exxon and its partners in Guyana to increase production to 1.2 million b/d in 2027. For comparison: by the end of this year, the production level may reach about 400,000 bpd.
