Commodities
Exxon’s New Oil Project to Lift Guyana Output Past Venezuela
- Whiptail will lift Guyana output to 1.2 million barrels a day
- South American nation could produce 40% more than Venezuela
The Whiptail project will cost $12.7 billion and produce about 250,000 barrels a day as soon as the end of 2027.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Exxon Mobil Corp. formally approved its sixth Guyanese oil development that will make the Latin American nation a bigger crude producer than OPEC member Venezuela.
The Whiptail project will cost $12.7 billion and produce about 250,000 barrels a day as soon as the end of 2027, Exxon said in a statement Friday. Guyana’s overall daily crude capacity will climb to 1.3 million barrels just eight years after the advent of the country’s oil production.