Guyana's Stabroek Block has emerged as the most consequential offshore oil development of the past decade. The ExxonMobil-operated project, with Hess (now part of Chevron) and CNOOC as partners, has grown recoverable resources to more than 11 billion barrels of oil equivalent across 30+ successful exploration wells. Current production sits above 650,000 bpd from three FPSO vessels, with two additional FPSOs scheduled to bring total capacity above 1.3 million bpd by 2027.
The most recent discovery adds approximately 1.5 billion barrels of recoverable oil to the Stabroek inventory, extending the development runway well into the 2030s. The light sweet crude quality — approximately 32 degrees API with low sulfur — commands premium pricing in global markets and is particularly well-suited for producing gasoline and middle distillates that U.S. and European refiners favor. Cargoes have been moving primarily to European and U.S. East Coast refineries.
Financial returns on the Stabroek development rank among the industry's highest. Breakeven oil prices below $35 per barrel on new phases mean the project remains profitable across the full range of oil price scenarios, and the low-decline nature of deepwater production provides decades of stable cash flow. ExxonMobil has identified Guyana as a cornerstone of its long-term production portfolio, allocating significant capital to accelerated development phases.
For Guyana itself, the oil revenues are transforming the economy. GDP growth has exceeded 30% annually in recent years, making it among the fastest-growing economies globally. The government's sovereign wealth fund structure and transparent revenue allocation frameworks have drawn international attention as a model for avoiding the resource curse. Regional stability and continued investment depend on maintaining that governance framework as production scales.