ExxonMobil Plans $12.5 Billion Investment in Guyana’s Longtail Project

ExxonMobil approved a $12.5B investment for the Longtail project in Guyana after receiving government and regulatory approvals. This is the eighth development in the Stabroek block's southeastern area, according to the company.

Brent crude rose 3% to $96/barrel after President Trump stated the U.S. no longer needs a deal with Iran, supporting oil prices. ExxonMobil's EPS is expected to nearly double by 2026, while Chevron reported $9.9B in Q3 earnings. OPEC's increased production may limit price gains. Both companies benefit from higher crude prices.

Guyana approved ExxonMobil's Longtail Project, an offshore petroleum development with a $12.5B investment. The project, operated by ExxonMobil, Hess, and CNOOC, targets nine reservoirs in the Stabroek Block, with production expected to start before 2030. It will be Guyana's first Non-Associated Gas project, featuring a new FPSO vessel and supporting the country's gas industrial plans.

ExxonMobil approved a $12.5B investment in the Longtail project offshore Guyana, targeting gas and condensate. Operations are expected to start in 2030, with production of 1.2B scf/d of gas and 250K barrels/d of condensate. The project is the eighth in the Stabroek block, where ExxonMobil currently produces 900K barrels/d of oil.

ExxonMobil filed a confidential request for an interim order challenging the EU's carbon-capture regulations, aiming to limit the bloc's green policies. The case is part of the company's ongoing efforts to influence environmental rules.

ExxonMobil has filed an Energy Charter Treaty claim against the European Union, challenging its carbon storage obligations under net zero legislation. The company had previously threatened legal action over these measures.