A consortium led by U.S. energy giant ExxonMobil has announced plans for its eighth energy project in Guyana, a large-scale gas development expected to significantly boost the country’s offshore production.
The Longtail Project, which will develop the Longtail and Tripletail offshore discoveries, is projected to produce up to 1.5 billion cubic feet of natural gas per day and 290,000 barrels of condensate per day.
According to documents submitted to Guyanese authorities, the project will utilize a floating production facility with the capacity to export fuel. ExxonMobil and its partners—Hess Corporation and China’s CNOOC—outlined their proposal in a request for environmental approval, which was recently published by the Guyanese government and reviewed by Reuters.
If approved, Longtail will be Exxon’s largest gas development in Guyana, aligning with the government’s push to expand gas production to support industries such as petrochemicals, liquefied natural gas (LNG), and power generation. The project plans include drilling up to 60 injection and production wells, further solidifying Guyana’s position as one of the fastest-growing energy hubs in the world.
Frontera-CGX license canceled
While ExxonMobil continues its expansion, Guyana’s government has officially revoked the oil prospecting license for the Corentyne Block, previously held by the Frontera-CGX joint venture. The decision, which had been anticipated since February when authorities issued a 30-day notice to the companies, ends their exploration efforts in the area.
The Corentyne Block was viewed as a potential opportunity to diversify Guyana’s oil sector, which remains dominated by ExxonMobil’s operations in the Stabroek Block. Frontera and CGX, considered underdogs in the competitive offshore market, had hoped to establish a foothold in the country’s booming industry. Both companies have denied the cancellation but have not disclosed whether they plan to challenge the decision or seek further negotiations.
ExxonMobil’s expanding influence
ExxonMobil’s dominance in Guyana’s offshore energy sector continues to grow as it advances multiple projects, including Longtail. The company has already surpassed 650,000 barrels of crude oil per day from its various developments in the Stabroek Block, and its rapid expansion could soon rival production levels of some OPEC members.
Meanwhile, smaller players like Frontera and CGX face challenges amid fluctuating global oil prices. With West Texas Intermediate (WTI) crude hovering around $67 per barrel and Brent crude struggling to stay above $70, Exxon’s financial strength positions it as the key player shaping Guyana’s energy future.
