SPRING, TEXAS (By ExxonMobil, 31.Jul.2026, Words: 439) — Guyana provides a clear example of how execution excellence and technology can accelerate development and improve project economics, ExxonMobil CEO Darren Woods said during the company’s second quarter 2026 webcast.
“In little more than a decade, the Stabroek Block moved from discovery to one of the largest and fastest-growing offshore developments in the industry.
Our discovery of a high-quality resource created the opportunity. Partnership, technology, and disciplined execution allowed us to develop it faster, recover more resource, and create more value.
A key enabler has been our “design one, build many” approach, supported by the scale and expertise of our Global Projects organization. We standardize designs and carry lessons from one project to the next. That has helped us deliver projects more than 30% faster and at costs up to 20% below the industry average.
As a result, we ramped production at an unprecedented pace in Guyana.
RELATED: BORR DRILLING FINALIZES PURCHASE OF 5 RIGS IN MEXICO THROUGH NEW JV BC VENTURES
Guyana is on track to reach approximately 1.3 million barrels per day of oil-equivalent production within about 15 years of discovery. We expect to achieve that production level approximately 30% faster than the previous pacesetter.
The first four FPSOs on a combined basis are currently producing roughly 100 thousand barrels per day above their original investment basis.
Year to date, our Guyana operations continue to be a leader in the industry with reliability of approximately 98%.
That outperformance reflects continued improvements in reservoir understanding, facility design, and disciplined operating practices. These underpin our work to advance a potential ninth FPSO and capture additional value from the resource.
Technology also continues to extend the value of the resource.
We are applying 4D seismic and high-performance computing to generate real-time reservoir insights and improve development decisions. We estimate these applications have the potential to unlock approximately $2bn of net present value.
Technology is also improving our ability to find additional opportunities. We have created sophisticated exploration models powered by both AI and the world’s largest seismic database. For example, we trained one model using our Guyana discovery data, and validation testing showed it could identify nearly 90% of known discoveries. It’s already delivering promising results. To date, this model identified four new Guyana prospects – ones previously not identified through traditional methods. Even more, this technology can be applied to other basins and plays with similar subsurface characteristics.
Together, our subsurface capabilities, operating excellence, and project execution create competitive advantages that enable us to turn opportunities into advantaged investments,” Woods said.
____________________
By Pietro D. Pitts reporting from Houston. © 1999-2026 Energy Analytics Institute (EAI). All Rights Reserved.
