By Chris Wack

ExxonMobil and Hess said they are moving forward with the Whiptail development offshore Guyana after receiving the required government and regulatory approvals.

Whiptail, the sixth project on the Stabroek block, is expected to add about 250,000 barrels of daily capacity by the end of 2027.

The project will bring the country's production capacity to 1.3 million barrels per day.

The $12.7 billion Whiptail project will include up to 10 drill centers with 48 production and injection wells.

Exxon said production from the six Stabroek block developments will generate tens of billions of dollars of revenue and significant economic development for Guyana. Since first production in 2019, more than $4.2 billion has been paid into the Guyana Natural Resource Fund.

The floating production storage and offloading vessel for the Whiptail project, to be named Jaguar, is under construction. Three more are currently operating offshore Guyana.

ExxonMobil affiliate ExxonMobil Guyana is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration holds 30% interest, and CNOOC Petroleum Guyana holds 25% interest.

Write to Chris Wack at

(END) Dow Jones Newswires

04-12-24 0749ET