ExxonMobil and its partners have made the final investment decision on the $12.7bn Uaru oil field development project in the Stabroek block offshore Guyana.
The Uaru field development project, the fifth project in the Stabroek block, includes around ten drill centres and 44 production and injection wells.
It aims to exploit an estimated resource of more than 800 million barrels of oil.
Scheduled for production start-up in 2026, the Uaru field is expected to have a production capacity of nearly 250,000 gross barrels of oil per day (gbopd).
ExxonMobil upstream president Liam Mallon said: “Our fifth, multi-billion-dollar investment in Guyana exemplifies ExxonMobil’s long-term commitment to the country’s sustained economic growth.
“Our Guyana investments and unrivalled development success continue to contribute to secure, reliable global energy supplies at this critical time.”
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The Uaru field is planned to be produced through the Errea Wittu floating production storage and offloading (FPSO) vessel, which is under construction by MODEC.
Production in the Stabroek block is currently being carried out from the Liza phase 1 and phase 2 developments, which yielded an average of 375,000gbopd in Q1 2023.
By the end of 2027, the Stabroek block is expected to have FPSOs producing more than 1.2 million barrels of oil per day.
Hess CEO John Hess said: “We look forward to continuing to work with the Government of Guyana and our partners to realise the remarkable potential of this world-class resource for the benefit of all stakeholders.
“The world will need these vital oil resources to meet future energy demand and help ensure an affordable, just and secure energy transition.”
ExxonMobil’s affiliate Esso Exploration and Production Guyana operates the Guyanese concession with a 45% stake. Its partners include Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).
Earlier this week, ExxonMobil and its partners made another oil discovery in the Stabroek following the Lancetfish-1 well drilling.