ExxonMobil Launches US$12.5 Billion Offshore Gas Development Project in Guyana

en.Wedoany.com Reported - On November 12, ExxonMobil of the United States made a final investment decision on the Longtail offshore gas project in Guyana and obtained the field development plan and petroleum production license approved by the Government of Guyana. The project involves approximately US$12.5 billion in additional investment and is located in the southeastern part of the Stabroek Block. It is the eighth development project approved in the block and Guyana's first offshore project primarily targeting non-associated natural gas, with first production planned before the end of 2030.

The project will develop 9 gas reservoirs within the Stabroek Block and construct a newbuild floating production, storage and offloading (FPSO) vessel, equipped with a subsea production system and 45 subsea wells, including 27 production wells and 18 gas injection wells. The FPSO is designed with a natural gas processing capacity of 1.2 billion standard cubic feet per day and a maximum condensate production capacity of up to 250,000 barrels per day, with estimated cumulative production of approximately 776 million barrels of condensate over a 30-year production life.

The offshore production system will gather natural gas and condensate through wellheads and subsea manifolds and send them to the FPSO for processing and separation. The project is configured with full gas reinjection capability, reinjecting processed natural gas into the reservoirs to maintain formation pressure and enhance condensate recovery. The Government of Guyana has also required the project to conduct studies on gas utilization and export, and to reserve space for gas export facilities in the FPSO basis of design.

SBM Offshore of the Netherlands is responsible for the front-end engineering design (FEED) of the FPSO, which adopts the Fast4Ward newbuild multi-purpose hull and is planned for deployment in water depths of approximately 1,750 meters, with a condensate storage capacity of approximately 2 million barrels. As of November 12, 2026, the FEED for the vessel is still underway, and subsequent construction and offshore installation will proceed to the next phase.

ExxonMobil Guyana Limited is the operator of the project, holding a 45% interest in the Stabroek Block, with Hess Guyana Exploration Limited holding 30% and CNOOC's Guyana Petroleum Company Limited holding 25%.