ExxonMobil says the Stabroek block offshore Guyana has produced its one billionth barrel of oil, less than seven years after production began in December 2019. The announcement was made by the company on behalf of itself and its co-venturers. It did not give the date on which the billionth barrel was reached, and the production figure has not been independently verified. All claims in this report are ExxonMobil's own.

According to the company, the discovery in the Stabroek block was made just over a decade ago. First oil flowed from the Liza field less than five years after that, which ExxonMobil describes as one of the fastest deepwater development timelines in the industry. That description is the company's assessment and no comparison with other projects has been provided.

Production has grown from a single asset to four developments. They are served by four floating production, storage and offloading vessels, named the Liza Destiny, Liza Unity, Prosperity and ONE GUYANA. ExxonMobil says installed capacity now exceeds 900,000 barrels per day. Installed capacity is the volume the vessels are built to handle, and it is not the same as actual daily output, which the announcement does not state.

Further projects are under way. ExxonMobil expects the Uaru development to start production by the end of 2026. Construction is also in progress on the sixth and seventh approved projects, Whiptail and Hammerhead. Whiptail is targeted for start-up in 2027 and Hammerhead is expected to begin production in 2029. These dates are forecasts and could change. The company says it plans up to eight offshore developments in the block by 2030.

ExxonMobil puts the estimated resource base of the Stabroek block at just under 11 billion oil-equivalent barrels. That measure includes natural gas as well as oil, so it should not be read as a figure for oil alone. The company says production from the block is helping to meet demand in the Americas, Europe and Asia, and that this contributes to global energy security and market stability. Those are the company's views, and the announcement offers no data on where the oil is sold or in what quantities.

The company credits the government of Guyana, local communities and thousands of Guyanese employees, contractors and suppliers with helping to build the industry. It says Guyanese workers and businesses now play a growing part in operations and project development. The announcement gives no figures for local employment, the number of Guyanese suppliers or the value of contracts awarded to them.

ExxonMobil also says it is investing in workforce development and local supplier growth. It cites a $100 million initiative to strengthen science, technology, engineering and mathematics education for Guyanese students. The announcement does not say over what period the money will be spent or how it will be distributed.

Several subjects are absent from the announcement. It does not report how much revenue the government of Guyana has received from the oil produced so far, or how the proceeds are shared between the state and the companies. It gives no figures for project costs or profits. It does not discuss environmental or climate concerns linked to expanded oil production, and it does not include the views of critics of the industry or of independent analysts. Readers looking for those details will need to consult government data and other sources.

The announcement describes the one billion barrel mark as a shared achievement and says the company looks forward to continuing its partnership with the people of Guyana as further projects come online. Whether the schedule for Uaru, Whiptail and Hammerhead is met will be shown by later announcements from the company and its partners.

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