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ExxonMobil records growth in Guyana, highest oil production in decades
Kaieteur News – Oil giant ExxonMobil is posting record profits as oil production in Guyana continues to grow. The company told shareholders on its second-quarter earnings call that its oil production is at its highest level since Exxon merged with Mobil in 1998.
Darren Woods, CEO of ExxonMobil
“Net production in the second quarter was 4.4 million boe/d, up 15% from the prior quarter (or 574,000 boe/d), driven by production growth in Pioneer, Guyana and the Permian Basin,” the report said.
“We achieved record quarterly production from our low-cost Permian and Guyana assets, delivering the highest oil production since the combined Exxon and Mobil businesses,” said Chairman and CEO Darren Woods.
Thanks to successful production data in the second quarter of 2024, ExxonMobil’s high-value product sales also hit a record high, up 10% from the first half of last year.
This means that the company’s profits also increased during this period. To this end, Woods explained: “We achieved the second highest second quarter earnings in the past decade as we continue to improve the company’s underlying profitability.”
ExxonMobil also informed shareholders that in the second quarter of 2024, the company submitted an application to the Guyana Environmental Protection Agency (EPA) seeking approval for its seventh proposed development project in the Stabroek block in the oil-rich Hammerhead. The company added: “The production capacity is expected to be 120,000 to 180,000 barrels per day and is expected to be put into production in 2029, subject to approval by the Guyana government.”
On August 2, ExxonMobil released its second-quarter financial report, saying its performance was industry-leading and its profit was $9.2 billion.
This record growth was mainly driven by increased oil production in Guyana. ExxonMobil Guyana Limited (EMGL), operator of the Stabroek Block, added a third project to its successful portfolio of deepwater developments last November. The Payara development reached peak production earlier this year, adding more than 220,000 barrels of oil per day. In addition, the Liza One and Liza Two projects in the Stabroek Block are also producing oil, averaging 160,000 and 250,000 barrels per day, respectively. Both projects are producing above rated capacity, with production exceeding the safe operating limits of the floating production storage and offloading vessel (FPSO). Payara has also exceeded its original design capacity of 220,000 barrels per day and is now producing between 230,000 and 240,000 barrels per day, according to the latest data released by the Ministry of Natural Resources.
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