en.Wedoany.com Reported - ExxonMobil Corp. has submitted an application to Guyanese regulators to drill 35 exploration wells across four prospects in the Stabroek block, aiming to expand its offshore footprint in Guyana.
According to the application, drilling is expected to begin in 2028 and conclude in 2033, with operations located approximately 120 miles from the coast. If exploration is successful, the plan would extend ExxonMobil's operations in Guyana beyond the current four floating production, storage, and offloading (FPSO) vessels and the additional four FPSOs planned to be operational by 2030. The company's four FPSOs currently operating in Guyana produced over 900,000 barrels per day in the first quarter, and with new capacity gradually coming online, total production is expected to rise to approximately 1.7 million barrels per day in the coming years.
At the 42nd Annual Bernstein Strategic Decisions Conference last month, ExxonMobil Senior Vice President Neil Chapman said the company's results since launching exploration activities in Guyana in 2008 have been "extraordinary" and that there is still significant room for growth. Chapman noted that about 30% of the Stabroek block is under force majeure due to the border dispute between Venezuela and Guyana, a situation expected to be resolved within the next 12 months. He stated that ExxonMobil will follow the guidance of the Guyanese government in handling the area. Additionally, Chapman revealed at the conference that ExxonMobil is more broadly assessing potential growth offshore the northern coast of South America and has secured operating positions offshore Trinidad. He believes this geological formation extends upward from Guyana and may enter Trinidad, with the company having secured relevant areas, thereby providing potential exploration opportunities.
As of midday trading on June 18, ExxonMobil shares (ticker: XOM) were at $136.70, down nearly 3% for the day. Year-to-date, the stock has risen approximately 13%, with the company's market capitalization exceeding $565 billion.
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