ExxonMobil gives final investment decision to $12.5 billion Longtail gas‑condensate project in Guyana
ExxonMobil announced a final investment decision for the Longtail development offshore Guyana, committing US$12.5 billion after receiving government and regulatory approvals. The project, the eighth on the Stabroek block, will target non‑associated gas and condensate and is slated to start production before the end of 2030. ExxonMobil will operate the field with partners Hess (30%) and CNOOC (25%).
Why it matters
The approval adds a new gas‑focused asset to ExxonMobil’s portfolio, expanding its production mix beyond oil and supporting Guyana’s plans for a natural‑gas industrial hub. The investment will also increase capital spending in the region, potentially boosting local supplier revenues.
Key facts
- 1ExxonMobil committed US$12.5 billion to the Longtail project. investing.com
- 2The development will handle about 1.2 billion cubic feet of gas each day and generate up to 250,000 barrels of condensate daily. investing.com
- 3Longtail is the eighth development on the Stabroek block and is expected to begin operations before the end of 2030. newssourcegy.com
- 4ExxonMobil holds a 45% interest in the Stabroek block; Hess holds 30% and CNOOC holds 25%. investing.com
- 5Approximately 45 subsea production and injection wells are planned for the project. investing.com
- 6Since 2015, ExxonMobil and its contractors have spent more than US$3.9 billion with Guyanese suppliers. investing.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.