Stabroek Block Will Go Down in History as a Successful Deepwater Oil Development

• ExxonMobil’s Chairman and Chief Executive Officer Darren Woods on Friday, August 1, 2025, described Guyana as one of the oil giant’s most strategically important assets and predicted that the country’s Stabroek Block will go down as one of the most successful deepwater developments in history.
• During the company’s second quarter earnings call, Woods highlighted that Exxon recently celebrated the 10th anniversary of its first oil discovery in Guyana and oil production commenced in December 2019. Exxon currently has three major developments online in the Stabroek Block, producing about 650,000 barrels of oil per day, and a fourth FPSO – One Guyana – is expected to increase daily production to 900,000 barrels of oil per day.
• Woods noted that by 2030, the company anticipates having a total production capacity of 1.7 million barrels of oil equivalent per day across eight sanctioned projects in the Stabroek Block. “The success of these projects has established Guyana as the world’s fastest growing economy, it’s also one of the reasons I believe the Guyana development will prove to be one of the most successful deepwater developments of all time,” he said.
• Stabroek Block, which spans 6.6 million acres is estimated to hold 11.6 billion barrels of oil. Exxon holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. (now Chevron) holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest. The agreement governing the Stabroek Block extends favourable terms to the oil companies. According to the agreement, Stabroek Block partners can recover 75% of oil produced to cover investment costs. The remaining 25% is considered profit and is split equally between Guyana and the consortium, giving each 12.5%.

(Source: Kaieteur News)