A post by @FirstSquawk on X.
EXXONMOBIL HAS MADE A FINAL INVESTMENT DECISION FOR ITS LONGTAIL DEVELOPMENT OFFSHORE GUYANA, PLANNING AN ADDITIONAL $12.50 BLN INVESTMENT, WITH THE PROJECT EXPECTED TO INCLUDE ABOUT 45 SUBSEA WELLS
@FirstSquawk on X
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ExxonMobil has reached a final investment decision on its Longtail development offshore Guyana, committing an additional $12.50 billion to the project. The development is expected to include roughly 45 subsea wells, extending the company's multi-billion-dollar buildout in the Stabroek block. The sanction underscores Exxon's continued bet on Guyanese crude as a low-cost, high-volume growth engine for its upstream portfolio. Longtail adds to a series of projects that have made Guyana one of the fastest-growing oil producers outside OPEC. Investors will watch for the project's startup timeline, production capacity guidance, and any updates on partner shares and government approvals.
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ExxonMobil (XOM), Guyana
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