ExxonMobil’s recently released annual report reveals a significant achievement for the energy giant: a daily production of 4.3 million oil-equivalent barrels in 2024. This figure represents the company’s highest production rate in over a decade, underscoring a period of robust operational performance.
According to Chief Executive Officer Darren Woods, this record output played a crucial role in meeting the unprecedented global energy demand experienced throughout 2024. Woods highlighted the company’s ability to contribute to satisfying this demand, emphasizing the scale and significance of their production levels.
A key factor driving this success is the increasing contribution from ExxonMobil’s “advantaged assets.” Notably, over half of the company’s total production volume now originates from these strategic holdings, which include the prolific Permian Basin in the United States, its growing liquefied natural gas (LNG) portfolio, and its highly successful operations in Guyana. Woods specifically lauded Guyana as “the world’s premier deepwater development,” recognizing its exceptional potential and current performance.
The application of advanced technology is also cited as a critical element in ExxonMobil’s achievements in Guyana. Woods emphasized the role of innovation in maximizing recovery and efficiency within this key deepwater region.
Looking ahead, ExxonMobil has announced ambitious plans to further expand its production capacity in Guyana. The company intends to deploy two new floating production, storage and offloading (FPSO) vessels to tap into the estimated 11-billion-barrel resource within its Stabroek Block. This significant investment underscores ExxonMobil’s long-term commitment to the region.
“We expect to have eight boats operating there by the end of this decade,” Woods stated, projecting a substantial increase in production capacity. “With capacity reaching 1.7 million barrels per day.” This ambitious target highlights the immense potential ExxonMobil sees in its Guyanese operations, which are poised to become an even more significant contributor to its global production.
Woods also provided a striking perspective on the rapid development of Guyana’s oil sector. “He noted that just a few years ago, Guyana had no oil production.” This highlights the transformative impact of ExxonMobil’s discoveries and development efforts in the country.
“Today, our development is producing more than 650,000 barrels per day,” Woods proudly announced. “It’s still growing, with significant benefits for the Guyanese economy and its people.” This statement underscores the economic impact of ExxonMobil’s operations, not only for the company but also for the host nation of Guyana.
Reflecting on the company’s long history, Woods stated, “For more than 140 years, we’ve met society’s evolving needs every step of the way. Today, our transformed company is creating unmatched value.” This suggests a forward-looking perspective, emphasizing ExxonMobil’s adaptation to the changing energy landscape.
Woods expressed confidence in the company’s future success, attributing it to its “competitive advantages, especially our talented people.” He concluded by stating, “We are providing solutions the world needs and creating substantial shareholder value,” reinforcing ExxonMobil’s commitment to both meeting global energy demands and delivering returns to its investors.
ExxonMobil currently holds a significant 45% working interest in Guyana’s highly prospective Stabroek Block, positioning it as the leading operator in this rapidly growing oil-producing region.
SOURCE: Oilspot Suriname