ExxonMobil Plans Further $12.5 Billion Investment in Guyana’s Longtail Project

ExxonMobil plans a further $12.5 billion investment in the Longtail gas-and-condensate project offshore Guyana after a final investment decision, while the government approved its development plan and issued a petroleum production license Nov. 12.

Longtail will be the Stabroek Block’s eighth offshore development and its first focused on non-associated gas. ExxonMobil Guyana will operate the project.

The planned floating production, storage and offloading vessel is designed to handle 1.2 billion standard cubic feet of gas per day and produce up to 250,000 barrels of condensate daily. The approved plan calls for 27 production wells and 18 gas-injection wells and projects about 776 million barrels of condensate over 30 years. Those figures describe planned capacity and projected production, not current output.

ExxonMobil expects Longtail to come online in 2030. The government’s plan anticipates first production before the end of that year.

ExxonMobil holds a 45% interest in the Stabroek Block. Hess Guyana Exploration has 30%, and CNOOC Petroleum Guyana has 25%.