BAKU, Azerbaijan, September 29. ExxonMobil and
its co-venturers have produced the 1 billionth barrel of oil from
Guyana’s Stabroek block, less than seven years after production
began at the Liza field in December 2019, ExxonMobil said.


The milestone underscores the rapid expansion of Guyana’s
offshore oil industry, which has grown from its first production in
2019 into a major source of global oil supply in less than a
decade.


ExxonMobil said the Stabroek development now comprises four
major offshore projects — Liza Phase 1, Liza Phase 2, Payara and
Yellowtail — supported by four floating production, storage and
offloading (FPSO) vessels: Liza Destiny, Liza Unity, Prosperity and
ONE GUYANA.


The startup of Yellowtail in August 2025 brought Guyana’s
installed production capacity to more than 900,000 barrels per day
(bpd). ExxonMobil described Yellowtail as the largest Guyana
development to date, with initial annual average production of
around 250,000 bpd.


The Stabroek block is operated by ExxonMobil Guyana, which holds
a 45% interest. Hess Guyana Exploration holds 30%, while CNOOC
Petroleum Guyana holds the remaining 25%.


Rapid development


The pace of development has been a defining feature of
ExxonMobil’s Guyana operations. ExxonMobil and its partners made
their first major discovery in the Stabroek block in 2015, and
first oil from Liza was achieved in December 2019. Since then, the
partners have moved rapidly to bring additional developments
online. ExxonMobil has said the company’s Guyana projects have
benefited from deepwater expertise and an accelerated development
approach.


The company currently has additional projects in the pipeline.
Uaru, the fifth development, is expected to start production by the
end of 2026, while Whiptail, the sixth, is targeted for startup in
2027. Hammerhead, the seventh approved project, is expected to
begin production in 2029. ExxonMobil has also identified Longtail
as an eighth potential development, although it remains subject to
regulatory review. If all eight developments proceed, ExxonMobil
expects Guyana’s production capacity to reach about 1.7 million
bpd, with gross production estimated at around 1.3 million bpd by
2030.







Guyana has become an important part of ExxonMobil’s global
upstream strategy. In its 2030 corporate plan, the company
identified Guyana, the Permian Basin and LNG as its key
“advantaged” assets. ExxonMobil expects production from these
assets to account for a significant share of its overall upstream
volumes by 2030.


The company’s current estimate of the Stabroek block’s
recoverable resource is more than 8 billion oil-equivalent barrels,
according to its latest project overview. Earlier estimates had put
the resource at nearly 11 billion oil-equivalent barrels following
a series of discoveries.


The scale of the resource has made Guyana one of ExxonMobil’s
most significant new upstream growth areas. In its 2025 corporate
plan update, ExxonMobil said Guyana was among the assets
underpinning its expected increase in upstream production through
2030.


The expansion of oil production has also increased ExxonMobil’s
presence in Guyana’s economy. ExxonMobil said more than 6,200
Guyanese were working in support of Stabroek block operations as of
2025, representing about 70% of the workforce. The company and its
contractors had spent more than $2.9 billion with Guyanese
suppliers since 2015, according to ExxonMobil.


More than $7.8 billion had been paid into Guyana’s Natural
Resource Fund since production began in 2019, the company said in
2025. ExxonMobil has also announced a $100 million, 10-year STEM
education initiative in Guyana focused on teacher training, student
opportunities and career

“The production of the one billionth barrel highlights the
importance of Guyana's resources not only to the country, but also
to global energy markets,” ExxonMobil said. The company said the
milestone reflects the contribution of Guyanese employees,
contractors, suppliers and partners involved in developing the
country’s offshore energy industry. With further projects under
construction and additional developments planned, ExxonMobil
expects Guyana’s Stabroek block to remain a major source of
production growth for the company and a growing contributor to
global oil supply through the end of the decade.