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Exxon seeks permit for its eighth oil, gas project in Guyana as output rises
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Exxon seeks permit for its eighth oil, gas project in Guyana as output rises
Feb 12, 2025 8:46 AM

By Kemol King

GEORGETOWN, Feb 12 (Reuters) - A consortium led by Exxon

Mobil ( XOM ) has requested environmental permits from Guyana

for its eighth project, the first that will generate gas not

linked to oil production, and to explore another well at its

massive offshore block, the head of the U.S. oil major in Guyana

said on Wednesday.

The Exxon group is getting ready for a very active year for

exploration and production in Guyana following upgrades that

increased the capacity of two of its three floating facilities

and the expected arrival of a fourth vessel in the coming weeks,

which will expand its total output capacity to around 940,000

barrels per day (bpd).

Guyana is pressing Exxon to produce and deliver more natural

gas, part of the government's strategy to rely on the fuel for

power generation, to industrialize the country and begin

petrochemical and liquefied natural gas businesses that can

expand revenue.

The consortium recently completed a long-awaited appraisal

of its gas resources in the area, which will allow a more

accurate calculation of total resources available for output,

said Alistair Routledge, president of Exxon Guyana, in a press

conference.

The study could help integrate Exxon's efforts with a

massive development awarded by Guyana to Fulcrum LNG, aimed at

designing and building the country's first LNG project.

Routledge said Exxon has not had recent conversations with

the company.

In 2030, Exxon's eight project, dubbed Longtail, is expected

to add up to 250,000 barrels per day of crude output capacity

and 1 billion cubic feet per day of natural gas production.

Guyana's economy achieved its fifth consecutive year of

double-digit growth in 2024, expanding 43.6%, driven by oil

production. Oil output rose to an average of 616,000 bpd from

391,000 bpd the previous year.

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