ExxonMobil has decided to proceed with the Whiptail development, the sixth project on the Stabroek block in Guyana.

The company made the final investment decision (FID) after receiving the necessary government and regulatory approvals.

The Whiptail project, which will use a Floating Production Storage and Offloading (FPSO) vessel, will entail an investment of around $12.7bn. It would include up to ten drill centres with 48 production and injection wells.

The FPSO vessel, set to be named Jaguar, is currently under construction.

By the end of 2027, the development is expected to increase Stabroek block’s production capacity by around 250,000 barrels per day.

ExxonMobil Upstream Company president Liam Mallon said: “Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day.

“Our unrivalled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers, and contractors.

“The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio and will provide the world with additional reliable energy supplies now and for years to come.”

ExxonMobil affiliate ExxonMobil Guyana operates the Stabroek block with 45% interest. The remaining stake is with Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).

Currently, more than 6,200 Guyanese support Stabroek block operations. The figure represents 70% of the workforce.

The projects in Stabroek block also support economic development for Guyana, with more than $4.2bn been paid into the Guyana Natural Resource Fund since first production in 2019.

In November 2023, ExxonMobil and Hess commenced production at the $9bn Payara oil development on the Stabroek Block.