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Oil
We use our unique geoscience capabilities and understanding of the global hydrocarbon endowment to identify and prioritize quality resources.
Oil operations
Aiding mobility and modern products
Oil will continue to provide the largest share of the energy mix: essential for transportation and chemicals — supplying about 55 percent of the world’s energy needs through 2040.
ExxonMobil has a long history of research in the fundamental scientific and engineering principles required to develop oil and gas. Many conventional onshore oil fields are maturing. Meeting rising energy demand requires new production from less traditional resources, like oil sands. Most of the world’s remaining reserves are owned or controlled by national governments. Only a fraction of total global oil reserves are accessible for private sector investment, with most of these accessible reserves in Canada’s oil sands. Through the responsible development of its oil sands, Canada continues to play an increasingly important role in meeting rising global energy demand.
~95%
of current transportation energy needs are met by oil30% increase
in global energy demand for transportation projected by 2040Energy supply evolves to meet diverse demand
Global demand by fuel - quadrillion BTUs
Responsible development
Oil is a significant, secure energy resource and an engine for economic growth. ExxonMobil recognizes that with this opportunity comes significant responsibility — to maintain the strong balance between development and protection of the environment.
All articles about oil
ExxonMobil Guyana advances fifth offshore Guyana development
IRVING, Texas – ExxonMobil made a final investment decision for the Uaru development offshore Guyana after receiving required government and regulatory approvals. The company expects Uaru, the fifth project on Guyana’s offshore Stabroek block, to add approximately 250,000 barrels of daily capacity after a targeted startup in 2026.
News releases
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April 26, 2023
ExxonMobil makes three new discoveries offshore Guyana, increases Stabroek resource estimate to nearly 11 billion barrels
IRVING, Texas – ExxonMobil has made three new discoveries offshore Guyana and increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels.
News releases
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April 26, 2022
ExxonMobil begins oil production in Guyana
IRVING, Texas – ExxonMobil today announced that oil production has started from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments.
News releases
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Dec. 20, 2019
ExxonMobil proceeds with Argentina expansion project in Vaca Muerta Basin
IRVING, Texas – ExxonMobil said today it is proceeding with a long-term oil development in Argentina’s Bajo del Choique-La Invernada block. The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility and export infrastructure connected to the Oldeval pipeline and refineries.
News releases
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June 11, 2019
ExxonMobil to proceed with Liza Phase 2 development offshore Guyana
IRVING, Texas – ExxonMobil said today it has funded the Liza Phase 2 development offshore Guyana after it received government and regulatory approvals. Liza Phase 2 will produce up to 220,000 barrels of oil per day and further capitalize on the significant development potential of the Stabroek Block, where ExxonMobil estimates producing more than 750,000 barrels of oil per day by 2025.
News releases
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May 3, 2019