Exxon Speeds Up Guyana Oil, Gas Projects as Prices Climb

• The Errea Wittu FPSO will produce up to 250,000 barrels per day from the Uaru offshore project and is nearly ready to depart Singapore
• High crude prices will help Exxon recover its Guyana investment costs in 2024, three years earlier than the original 2027 forecast
• Exxon plans to start the Whiptail project by end of 2027 and is working to accelerate the Hammerhead project startup to 2028

Summary: Exxon Speeds Up Guyana Oil, Gas Projects as Prices Climb

Key Developments:

ExxonMobil is accelerating oil and gas operations in Guyana, driven by rising crude prices. The company's fifth floating production, storage and offloading (FPSO) platform, Errea Wittu, is nearing completion in Singapore and will soon deploy to Guyana's waters.

Capacity and Timeline:

The Errea Wittu FPSO, constructed by Japanese firm MODEC, will serve the Uaru offshore project with production capacity of up to 250,000 barrels per day. The vessel was previously scheduled to arrive in Guyana sometime in 2024, though specific timing was not disclosed.

Financial Impact:

High crude prices are expected to enable Exxon to recover its costs in Guyana by 2024, significantly ahead of the original 2027 forecast. This marks a major acceleration in the project's economics.

Future Projects:

Exxon has outlined an aggressive expansion timeline for its Guyana consortium:

• Whiptail project: On track for startup by end of 2027
• Hammerhead project: Targeted for accelerated startup in 2028 (seventh project overall)

Market Implications:

Guyana represents one of ExxonMobil's most strategically important assets. The acceleration of these projects positions the company to capitalize on current market conditions while expanding production capacity in the prolific South American nation. With five FPSOs already deployed or under development and additional projects planned through 2028, Exxon is cementing its position as the dominant operator in Guyana's emerging oil sector.

The developments underscore how favorable oil prices are driving major producers to fast-track high-potential offshore projects.