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Exxon Mobil Plans to Reach FID On the Whiptail Offshore Project By 2024

Last Updated on 19th October 2023

Exxon Mobil will make the Final Investment Decision (FID) on the Whiptail oilfield project, offshore Guyana by Q1 2024. Earlier in August, Exxon and its partners proposed a plan to spend USD 12.93 billion to develop the Whip Shore oil project in Guyana. Exxon partnered with US-based Hess and China National Offshore Oil Corporation (CNOOC). The floating production platform is planned to commence its operations by 2027.



Alistar Routelege the company’s CEO stated that the field development plan was submitted to Guyana’s government on October 13, and is pending approval. “It is really quite outstanding to think that within 8 years of first production, Guyana could achieve over 1.2 million barrels of oil per day,” said Routledge at a press conference. Exxon and partners Hess Corp and CNOOC currently produce more than 380,000 barrels per day from two vessels. Exxon additionally, plans to develop up to 10 offshore projects in the country. 


Recently Exxon Mobil selected SBM offshore to provide front-end engineering design (FEED) for a Floating Production, Storage, and Offloading (FPSO) vessel for the Whiptail project. SBM Offshore CEO Bruno Chabas said, "We are proud to announce ExxonMobil Guyana has awarded the contracts for a fifth FPSO from SBM offshore in Guyana." The contract facilitates initial funds provided by Exxon Mobil Guyana to perform FEED work.

About ExxonMobil

ExxonMobil is one of the largest oil and gas companies in the world.  The company mainly focuses on the exploration, production, refining, and marketing of petroleum products. Exxon Mobil is known for its upstream, downstream, and chemical operations. The company has a market value of USD 436 billion. Exxon Mobil operates with a vast network of subsidiaries, and joint ventures. 


About HESS Corporation

Hess Corporation is an American global independent energy company involved in the exploration production of crude oil and natural gas. Our company’s purpose is to be the world’s most trusted energy partner. The company has an industry-leading position in onshore and offshore operations. 


About China National Offshore Oil Corporation (CNOOC)

China National Offshore Oil Corporation is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The company mainly engages in the exploration, development, production, and sale of crude oil and natural gas.


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