Exxon Mobil Corp. on Feb. 11 said it is accelerating output at its Guyana’s offshore oil development, starting a new production vessel that will bring total production capacity to more than 340,000 bbl/d.

An Exxon Mobil-led consortium started production in the South American country in 2019 and is responsible for all oil and gas output in Guyana. Exxon Mobil and partners Hess Corp. and CNOOC Ltd. have discovered some 10 billion barrels of oil.

Production at the Liza Unity FPSO vessel is expected to reach 220,000 bbl/d of oil later this year, Exxon Mobil said. The first production unit, Liza Destiny, is pumping 120,000 bbl/d.

“With unparalleled project execution, we now have two production facilities operating offshore Guyana,” said Liam Mallon, president of Exxon Mobil Upstream Oil and Gas.

The company raised its estimate of production capacity to 800,000 bbl/d by year-end 2025, up from its earlier projection of 750,000 bbl/d by 2026.

In previous presentations, consortium-member Hess estimated output would reach 1 million bbl/d by 2027.

The partners have said they could install up to 10 FPSOs over time to tap the enormous oil discoveries to date.

Guyana’s Natural Resources Minister Vickram Bharrat welcomed the start off of the second production unit saying on Feb. 11 it will “enhance earnings from this sector to drive Guyana’s infrastructure development and improve the delivery of services to all citizens.”

The country plans an auction for new blocks later this year, in a separate initiative to bring in new producers that could reduce the Exxon group’s dominance of Guyana’s oil sector.

Exxon Mobil shares were up 2.5% higher at $80.22 on Feb. 11 amid a rally in crude oil prices.

Offshore