ExxonMobil celebrates pumping 1 billion barrels from Guyana

(Kaieteur News) – Less than seven years after first oil, ExxonMobil and its Stabroek Block partners have produced the billionth barrel of crude from Guyana, marking another major milestone in the country’s rapidly expanding petroleum industry.

ExxonMobil said the milestone underscores the speed at which Guyana has emerged as a significant global energy producer since production began at the Liza field in December 2019. But while the company is celebrating the scale and pace of the achievement, the billion-barrel mark also comes as Guyanese continue to demand a change to the 2016 Production Sharing Agreement that exempts ExxonMobil from paying taxes, no ring-fencing provision, a 2% royalty among other lopsided terms.

In a press statement Exxon said the journey from discovery to the billionth barrel has taken less than a decade. The company and its co-venturers made their first major discovery in the Stabroek Block just over a decade ago, while first oil followed in less than five years, one of the fastest deepwater development timelines in the industry. Production has since expanded from a single offshore development to four major projects, supported by the Liza Destiny, Liza Unity, Prosperity and ONE GUYANA floating production, storage and offloading vessels.