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Exxon’s Stabroek Block production surpassed 700,000 bpd during third quarter – CEO
(Kaieteur News) – ExxonMobil Guyana Limited (EMGL) Stabroek Block operations surpassed 700,000 barrels per day (bpd) during the third quarter of 2025. This was revealed by ExxonMobil Corporation Chief Executive Officer (CEO) Darren Woods.
ExxonMobil Corporation Chief Executive Officer (CEO), Darren Woods
On Friday, the American oil giant reported third-quarter upstream earnings of US$5.7 billion, an increase of US$277 million from the second quarter. Exxon said that earnings improved from advantaged volumes, driven by record production in Guyana and the Permian, structural cost savings, and stronger crude realizations. “These gains were partially offset by lower base volumes,” the company disclosed.
Woods reported that Exxon had a strong third quarter, as the company continues to demonstrate, “that we are truly in a league of our own.”
“We delivered the highest earnings per share we’ve had compared to other quarters in a similar oil-price environment. In Guyana, we broke records with quarterly production surpassing 700,000 barrels per day, and started up the Yellowtail development four months early and under budget…” the CEO added.
Exxon’s third-quarter net production increased by 139,000 oil-equivalent barrels per day to 4.8 million oil-equivalent barrels per day.
On its upstream business, Exxon report, “Lower earnings from weaker crude realizations and higher depreciation from Tengiz were largely offset by advantaged volume growth in the Permian and Guyana, structural cost savings, and favourable foreign exchange, tax impacts, and timing effects. Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day.”
Moreover, Exxon reminded that in Guyana its fourth development in the Stabroek Block, Yellowtail was able to come online four months ahead of schedule. The ONE GUYANA FPSO is producing oil from the Yellowtail Development. The US$10 billion project received government’s blessings on April 1, 2022. The FPSO was constructed by Dutch shipbuilder, SBM Offshore.
The vessel arrived in April 2025 and is the largest FPSO on the Stabroek block to date with an initial annual average production of 250,000 bpd and a storage capacity of two million barrels. “As the largest of four Guyana developments to date, Yellowtail is expected to add an initial annual average production of 250,000 oil-equivalent barrels per day, increasing total installed capacity in Guyana to over 900,000 oil-equivalent barrels per day,” Exxon noted.
Last month, the Government of Guyana (GoG) approved a Petroleum Production Licence (PPL) for EMGL’s seventh development in the Stabroek Block, the US$6.8 billion Hammerhead project.
The One Guyana FPSO
First oil from the Hammerhead project is expected by 2029. Notably, a total of 445 million barrels of oil is forecast to be produced with an estimated daily production capacity of 150,000 barrels of oil per day (bpd). Hammerhead oil production will be facilitated through 10 production wells and 8 injection wells.
Hammerhead is expected to boost Guyana’s overall production capacity at approximately 1.5 million bpd, with the FDP projecting this by the second quarter of 2029.
Hammerhead adds to the other six sanctioned projects under Exxon’s belt. These include, Liza One, Liza Two, Payara, Yellowtail, Uaru and Whiptail. The first four projects are already in operation, producing an average 650,000 bpd, with an installed capacity of 900,000 bpd. Construction is underway for the Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.
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