By Hunter Farris, Senior Vice President for Deepwater at ExxonMobil Upstream Company
- We went from discovery to production in just ten years, showcasing our unmatched speed and efficiency.
- Today, Guyana is a major global energy player with the world’s fastest growing economy.
- The journey is just beginning – we’re proud of the past decade and excited to keep building Guyana’s energy future together.
What a difference one short decade can make
That thought struck me recently as we observed a special milestone for our company and our industry … and for the nation of Guyana on the northern coast of South America, right where the Atlantic Ocean meets the Caribbean Sea.
I’m referring to the 10th anniversary of ExxonMobil striking oil offshore Guyana. That historic find continues to reshape the world of energy just as it transforms daily life for many of the country’s 800,000 citizens.
Ten years ago, in waters some 100 miles off Guyana, along with co-venturers Hess and CNOOC, we began drilling a particularly challenging well.
Very few companies could have drilled this well given a host of complexities and difficulties. The commercial risk was as high as our chance of success was low. But our technical team stood its ground. They had the guts to see it through.
On May 10, 2015, their efforts hit pay dirt. We struck big – very, very big. More than three miles beneath the seabed, we found substantial amounts of hydrocarbons.
A transformative discovery
It marked a world-class oil discovery, perhaps the most significant oil find anywhere on the planet in generations.
Further exploration would determine we’d discovered a resource base equivalent to roughly 11 billion barrels of oil.
Up to then, Guyana was known chiefly for its natural beauty – stunning waterfalls and rivers and rainforests – lying in the shadow of neighbors Venezuela and Brazil.
Practically overnight – at least by the standards of our industry – the Guyana find and subsequent production of oil for sale to global markets have done the seemingly impossible: They turned Guyana into one of the most incredible economic and geopolitical success stories the world has seen.
Accelerating production, hastening success
It’s hard to wrap one’s head around the pace of change and all it has meant.
We went from the 2015 discovery to producing first oil in December 2019. That short timeframe – less than five years! – is nearly unheard of in our industry. On most deepwater developments, it typically takes twice as long to safely extract the first commercial barrels, and that assumes all goes well.
We did it in half the normal time.
The growth in production from Guyana’s waters has been just as rapid.
Like a race car that blazes from zero to 60 in just a few seconds, Guyana’s oil industry has ramped up – and ramped up safely, I’ll add – from zero barrels to 650,000 per day in the five-and-a-half years since we started.
That’s really fast. And it’s not stopping anytime soon.
By 2027 we’ll hit production capacity of 1.3 million barrels per day, or close to 500 million barrels per year. That daily figure should climb to 1.7 million barrels by 2030. All of this makes Guyana one of the largest oil producers per capita in the world.
Guyana takes its place on the world stage
Which in turn has made Guyana an important geopolitical player while joining the ranks of the world’s major energy producers.
It was elected to serve on the UN Security Council in 2023, an honor and responsibility reflecting Guyana’s growing global profile.
More importantly, though, is the role Guyana plays in offering heightened energy and economic security for economies around the globe.
Its cargoes of oil have shipped to Latin America, the U.S., Europe, and even countries in the Pacific Rim. Considering the global tumult of the past few years since the pandemic, that’s saying something.
Which is why, writing in the Wall Street Journal in late 2023, energy historian Dan Yergin specifically cited Guyana for helping steady global energy markets1 amid global upheaval.
Who could have envisioned that in 2014?
Growing Guyana
As an official with the company partnering with Guyana in this historic development, it’s especially gratifying to see what all this means for the people of that nation.
For starters, Guyana – long considered one of the poorer countries in Latin America2 – now boasts the world’s fastest growing economy.
The International Monetary Fund projects its GDP to hit nearly $26 billion (U.S.) this year3 – quite a jump from $4.3 billion in 2015. That figure should grow to $41 billion by 2030.
Those numbers include substantial royalty payments to the treasury – $2.6 billion last year alone, and a projected $10 billion yearly by the end of the decade.
But they reflect more than just payments to the government. Behind those statistics lie real economic growth, development, and jobs in Guyana.
Noted the IMF in March4: “The non-oil economy continues to reflect a solid broad-based performance across sectors, especially construction and services.”
Translation: Smart planning by Guyanese officials has positioned the country to avoid the so-called “resource curse” that has plagued other nations, while ensuring the benefits of oil production are widely spread.
Rippling progress
At ExxonMobil, we’re seeing the good news story firsthand. And we’re honored to be part of this unfolding success.
In fact, more than 6,000 Guyanese currently work in support of ExxonMobil’s operations. That’s nearly 70% of the local oil and gas industry workforce.
Over the past decade, ExxonMobil and its co-venturers and contractors have spent more than $2.5 billion with over 1,700 Guyanese suppliers for goods and services – from food services to fabrication work and plenty more.
This shows the oil and gas ripple effect.
ExxonMobil’s investments in Guyana and other locales expand far beyond direct production impacts. They help partner nations grow their economies and develop their workforces.
A new decade begins
The partnership between Guyana and ExxonMobil has been extraordinarily successful, often exhilarating.
The next 10 years and more should be just as exciting and fruitful.
In the real-time story of Guyana’s progress and prosperity, the next chapter will cover our partnership figuring ways to develop Guyana’s natural gas deposits5.
Gas development might be a further catalyst for building up 21st-century Guyana; the country’s gas discoveries could make Guyana a critical source of regional development.
“Ten years is only the beginning.”
It’s not uncommon to hear that phrase used to toast a successful decade, whether a happy marriage or some other rewarding coupling.
We certainly feel that way about our successful venture with the government and people of Guyana.
Make no mistake: It’s been one remarkable decade.
So let us raise a glass and say:
Cheers to the amazing team and our company who made this happen. I am so proud of what we’ve achieved, and ten years is only the beginning. May our partnership thrive for more decades to come.
Footnotes:
- https://www.wsj.com/opinion/all-is-quiet-in-oil-marketsfor-now-e2ee84a3
- https://www.worldbank.org/en/country/guyana/overview
- https://www.imf.org/en/Publications/WEO/weo-database/2025/april/weo-report
- https://www.imf.org/en/News/Articles/2025/03/07/cs-030725-guyana-staff-concluding-statement-of-2025-aiv-mission
- https://finance.yahoo.com/news/exxonmobil-eyes-major-gas-expansion-142400394.html
