Last Updated on Saturday, 31 October 2026, 12:40 by Written By Denis Chabrol
Guyana has exceeded one million barrels per day oil production in a record 11 years, according to ExxonMobil in its latest quarterly earnings update.
“In Guyana, production from the Stabroek Block surpassed 1 billion barrels of oil just 11 years after discovery,” Chairman and Chief Executive Officer Darren Woods said. He highlighted that no other major offshore development had reached that milestone as quickly, with the closest taking roughly 14 years.
Mr Woods said Exxon Mobil expects its fifth development, Uaru, to start up before year-end, but he declined to respond directly to whether the company, which is the operator in the Stabroek Block, was expecting a ninth or 10th Floating Production Storage and Offloading (FPSO) vessel. “We have been working those plans. We’ve got a pretty good line of sight to those plans beyond 2030,” he said.
The company says it refines 3.6 million barrels of crude daily and sell about 5.7 million barrels of gasoline, diesel, and other finished products into markets around the world. With products in short supply, he says Exxon Mobil’s teams have done everything they can to keep prices down by maximising production. Year to date, he says they have produced industry-leading volumes of diesel, roughly 1.1 million barrels per day.
Mr Woods says Exxon Mobil’s global outlook projects that global energy demand will continue to grow through 2050, with oil and natural gas supplying more than half of the world’s energy.
