2023 Annual Report

Overview

From as early as the 1700s it has been suggested that Dutch settlers in Guyana held the notion that there was oil in the Guiana Basin.

While efforts to locate hydrocarbons onshore Guyana were undertaken as early as 1916, it wasn’t until the late 1950s that attempts were made to explore offshore. With various companies conducting geological seismic surveys and drilling over 40 wells in the basin over past decades, it was not until ExxonMobil Guyana Limited (formerly Esso Exploration and Production Guyana Limited) announced a commercial discovery in May 2015 that the road to first oil became a reality.

Today, EMGL is the first producer in Guyana and operates the Stabroek and Canje Blocks offshore.

Over 30 significant discoveries have been made in the Stabroek Block since 2015, with production beginning in December 2019 from the Liza Destiny FPSO vessel, which by the end of 2022 was producing about 150,000 barrels of oil per day (bpd). The Liza Unity FPSO started production during the first quarter of 2022 and began producing 220,000 bpd in the fourth quarter of 2022. The third major development, Payara, started up in November 2023 and is currently producing around 239,000 bpd. Yellowtail, the fourth development project, is expected to begin production in 2025, targeting 250,000 bpd, with the fifth and sixth approved projects, Uaru and Whiptail, also targeting 250,000 bpd each with start-ups in 2026 and 2027. It is expected that Guyana’s oil production capacity will be around 1.3 million bpd with the six projects online.

We are also making progress to advance Guyana’s first gas-to-energy project in cooperation with the government. This transformative effort aims to provide the people of Guyana with cleaner, more reliable, and lower cost electricity.

EMGL continues to evaluate additional development potential in the Stabroek Block as well as other areas within the Guiana Basin.

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