08:27 AM EDT, 04/12/2024 (MT Newswires) -- Exxon Mobil ( XOM ) and Hess (HES) said Friday they are moving forward with investments in the offshore Whiptail development project in Guyana after receiving government and regulatory approvals.

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

Whiptail is the sixth project on the Stabroek block and is expected to add about 250,000 daily barrels of capacity by the end of 2027 and bring the country's capacity to around 1.3 million barrels per day, the companies said.

Exxon Mobil Guyana Limited is the operator and holds a 45% interest in the 6.6-million acre Stabroek Block while Hess Guyana Exploration holds 30%, and CNOOC Petroleum Guyana holds 25%.

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