ExxonMobil has announced a final investment decision for the US$12.5 billion Longtail development offshore Guyana, following government and regulatory approvals, marking another major milestone in the country’s expanding oil and gas industry.
Longtail will become the eighth development in the Stabroek block, with production expected to begin in 2030.
Unlike earlier projects focused primarily on crude oil, Longtail will target gas and condensate resources, opening opportunities for future natural gas exports.
The project will feature a Floating Production, Storage and Offloading (FPSO) vessel capable of processing 1.2 billion standard cubic feet of gas daily and producing up to 250,000 barrels of condensate per day.
Approximately 45 subsea production and injection wells are planned.
ExxonMobil says the development could eventually support the transportation of natural gas to shore through a pipeline, subject to future investment decisions, market demand and infrastructure development.
ExxonMobil Upstream Company President Dan Ammann said Longtail represents a significant step towards unlocking additional value from Guyana’s energy resources.
Meanwhile, the company says its four producing projects currently deliver approximately 900,000 barrels of oil daily, with output expected to surpass one million barrels per day following the start-up of Uaru.
Construction is also advancing on the Whiptail and Hammerhead projects, scheduled to begin production in 2027 and 2029, respectively.
ExxonMobil says approximately 6,000 Guyanese currently support Stabroek block operations, while spending with local suppliers has exceeded US$3.9 billion since 2015.
