Deepwater

Our unique challenge consists of deploying technologies and methods to safely develop a wide range of resources both onshore and offshore in diverse locations around the world.

Article

In this article

Deepwater

Guyana

In Guyana, our exploration success has resulted in 18 discoveries and estimated oil equivalent recoverable resources approaching 9 billion barrels. We are efficiently developing these discovered resources while maintaining an active exploration pace to test multiple remaining prospects across all blocks. ExxonMobil’s proprietary reservoir-simulation technology strengthens project development and depletion planning, and helps to identify additional synergies throughout the multiple phases of development.

The Liza Phase 1 development achieved first oil in December 2019, less than five years after initial discovery, in approximately half the time of the industry average for projects of this size. The Liza Phase 2 development is on track for start-up in 2022. A subsequent phase of development, Payara, is targeted to start up in 2024. These three developments, combined with two additional floating production, storage, and offloading vessels, are expected to produce more than 750,000 barrels of oil per day by 2026.

We have worked to develop a strong partnership with the government and people of Guyana as it becomes a significant global producer. As part of our commitment to develop the value of this opportunity for the country and its people, more than 700 local vendors and suppliers and nearly 1,900 Guyanese have worked on our developments to date. In addition, ExxonMobil Guyana has committed more than $12.5 million in community investments across all regions of Guyana since 2015. Our focus areas include STEM education, youth, women, community empowerment and environmental sustainability.

Brazil

We strengthened our global portfolio by capturing blocks offshore Brazil, one of the world’s most promising exploration plays. ExxonMobil’s acreage position is among the largest in Brazil, with 2.5 million net acres. We operate more than 60 percent of our 28-block portfolio.

The Uirapuru Araucaria-Sul well spud concluded in April 2020. Hydrocarbons were found and the regulator, National Agency of Petroleum (ANP), was notified. Well data will be analyzed to further guide exploration activities. Multiple exploration wells are targeted for 2020-2021 across the Santos, Campos, and Sergipe-Alagoas basins.

In addition to the exploration program, we finalized the purchase of an additional 3.5 percent interest in the BM-S-8 block (Bacalhau field, formerly Carcara), increasing our net interest to 40 percent.

Global exploration

Our deepwater exploration portfolio includes plans to drill multiple wells in 2021, including opportunities in Guyana, Brazil, and the Eastern Mediterranean. ExxonMobil maintains one of the most active deepwater exploration programs in the industry with deepwater acreage positions in 27 of the 34 countries where we are actively exploring.

Related content

Deepwater

Our unique challenge consists of deploying technologies and methods to safely develop a wide range of resources both onshore and offshore in diverse locations around the world.

Business divisions Article

Global projects

The Global Projects organization was formed in 2019 and integrates decades of mega-project management experience, deep technical knowledge, and commercial capabilities into one global team that delivers projects across the Upstream, Downstream, and Chemical businesses.

Business divisions Article

Heavy oil

ExxonMobil and its majority-owned affiliate Imperial Oil Limited (IOL) have a significant heavy-oil-asset portfolio.

Business divisions Article

Strengthening the portfolio

ExxonMobil invests in exploration and growth assets to maintain a pipeline of high-quality future developments to offset the natural decline of producing assets.

Business divisions Article

Unconventional

We have expertise in developing tight gas, shale gas and unconventional oil resources. 

We operate in all of the major U.S. unconventional producing regions and Western Canada and provide support and technical services to the corporation’s operations in Argentina. ExxonMobil Unconventional manages 11 million acres with a total resource base of about 33 billion oil equivalent barrels.

Business divisions Article

Conventional

Conventional oil and natural gas is the largest and most diverse value chain in the Upstream portfolio, and has operations spanning a wide range of operating conditions in nearly 20 countries. 

Business divisions Article