Exxon Mobil Corp. expects to make a final investment decision on its sixth oil project in Guyana by the first quarter of 2024, the company's country chief Alistair Routledge said on Tuesday.
In August, Exxon and its partners proposed a plan to spend $12.93 billion to develop the Whiptail offshore oil project. The floating production platform is planned to start operations in late 2027 and bring the Exxon-led consortium's oil output in Guyana to over 1.2 million barrels per day (bpd).
Routledge said the field development plan was submitted to Guyana's government on Oct. 13, pending approval.
"All the permitting process is now actively engaged," Rotledge told local reporters at a press conference. "It is really quite outstanding to think that within 8 years of first production, Guyana could achieve over 1.2 million barrels of oil per day."
Exxon is on set to start production of its third vessel, at the Payara project, by the end of the year, the executive said. The platform is expected to lift current production to about 600,000 barrels per day in early 2024.
Exxon and partners Hess Corp and CNOOC currently produce more than 380,000 bpd from two vessels and have said they could develop up to 10 offshore projects in the country.
(Reuters - Reporting by Kiana Wilburg in Georgetown; Writing by Sabrina Valle in Houston)