July 12, 2024

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ExxonMobil is set to invest $ 10 billion in an oil project in Guyana

ExxonMobil is set to invest $ 10 billion in an oil project in Guyana
ExxonMobil

The American Oil Company ExxonMobil announced on Monday that it has made the final decision to invest $ 10 billion in a fourth oil project off the coast of Guyana. It will be the largest company in the country.

ExxonMobil

According to ExxonMobil, the company’s fourth project in the Stoprock block is expected to produce about 250,000 barrels of oil a day starting in 2025.

It was decided to invest after obtaining the necessary governmental and regulatory approvals for the development of the Yellowtail project.

With an investment of $ 10,000 million, the project will include 6 boreholes and 26 production wells and up to 25 injection wells.

“The development of Ellowtail further demonstrates the successful partnership between ExxonMobil and Guyana. It also helps to provide the world with another reliable source of energy to meet future demand and ensure safe energy transfer, “said Liam Mallon, President, ExxonMobil Upstream.

The Stockbrook block’s recoverable base is estimated to be over 10 billion barrels of crude oil, and ExxonMobil plans to build 10 projects there.

Guyanese

Guyana, one of the poorest countries in South America, has been experiencing a revolution and profound change in its economy since the discovery of oil reserves, which it hopes will reach production of 1.2 million barrels a day. This decade ..

The Guinean government said in February that it had increased its oil production capacity to 340,000 barrels per day with the launch of the second phase of the Lisa Offshore project in the Stoprock block.

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