ExxonMobil (XOM) Advances $12.7B Whiptail Project Offshore Guyana [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
This significant move marks the company's sixth deepwater oil development on the Stabroek block, showcasing its commitment to tapping into the rich oil resources in the region. The project, named Whiptail, has received all necessary government and regulatory approvals, culminating in a final investment decision by ExxonMobil. ExxonMobil expects the Whiptail project to require an investment worth $12.7 billion. The project is anticipated to yield 250,000 barrels per day (bpd) of oil by the close of 2027. This development is expected to elevate Guyana's total daily crude capacity to a staggering 1.3 million bpd, a remarkable feat achieved just eight years after the onset of oil production in the country. The Whiptail project includes the establishment of up to 10 drill centers with 48 production and injection wells. Located in the southeastern portion of the Stabroek block, the project is expected to tap into the Whiptail, Pinktail and Tilapia fields, with the potential for addition
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