By News Americas Business Editor
News Americas, GEORGETOWN, Guyana, Fri. March 20, 2026: ExxonMobil is accelerating its dominance in Guyana’s booming oil sector, with a new floating production, storage, and offloading (FPSO) vessel set to add an estimated 250,000 barrels per day (bpd) in output capacity – a move that could further cement the country’s position as one of the fastest-growing oil producers in the world.
The facility, built by MODEC in Singapore, is nearing completion and is expected to depart soon for Guyana’s offshore Stabroek Block, according to company officials. Once operational, it will push Guyana’s total production capacity beyond 900,000 bpd, a staggering increase for a country that began oil production just in 2019.
Guyana’s Rapid Rise in Global Oil
In less than a decade, Guyana has transformed from an emerging player into a major oil force in South America. ExxonMobil and its partners have fast-tracked development across multiple offshore projects, making Guyana a critical pillar in the company’s global growth strategy.
The upcoming FPSO is part of a broader expansion plan that includes:
- The Whiptail project, expected to begin production next year
- The Hammerhead project, now forecast to start in 2028
- A proposed ninth project, with a strong focus on natural gas development
Exxon’s Guyana President, Alistair Routledge, confirmed that future gas infrastructure – including a potential second offshore pipeline — will depend on market demand and the viability of large-scale industrial projects.
“We have to ensure there is a market for the gas at a price that can sustain that level of investment,” Routledge said.
Gas Ambitions and Regional Strategy
Beyond oil, Exxon is increasingly positioning Guyana as a regional gas hub. Plans are underway to expand gas supply to power plants, industrial facilities, and emerging sectors such as data centers.
The government has already received interest in several “anchor projects,” including:
- A new power generation facility
- Data center infrastructure
- A bauxite-to-alumina processing plant
There have also been early discussions with neighboring Suriname on a shared gas pipeline, potentially lowering costs through regional collaboration.
Meanwhile, the Wales development project – a key part of Guyana’s gas-to-energy strategy – is advancing, with a power plant expected to be partially completed by the end of this year. The project also includes a natural gas liquids facility to produce cooking gas, with total costs approaching $3 billion.
Exxon Eyes $5 Billion Cost Recovery
As production expands, ExxonMobil is also expected to recover up to $5 billion in costs this year, underscoring the scale of its investment in Guyana’s offshore developments.
However, the company’s financial dealings remain under intense scrutiny.
$214 Million Audit Dispute Heads to Arbitration
Nearly three years after auditors flagged $214 million in questionable expenses, the dispute between ExxonMobil and the Guyana government remains unresolved.
At the center of the standoff is the selection of a “sole expert” to determine whether Exxon must repay the disputed funds. The government has raised concerns about Exxon’s preferred candidate, citing potential conflicts of interest due to past work with the company.
Sources familiar with the process say the delay has dragged on for over a year, with both sides unable to agree on an independent expert.
As a result, the matter is now moving toward arbitration, as outlined in the Production Sharing Agreement, (PSA).
Government officials have also pushed for real-time financial audits, arguing that increased transparency is critical as Guyana’s oil revenues continue to grow.
High Stakes for a Growing Oil Power
The outcome of the audit dispute could have significant implications for Guyana’s oil governance framework, investor confidence, and future negotiations with multinational energy companies.
At the same time, Exxon’s continued expansion signals that production growth will remain aggressive – with Guyana poised to become one of the top per capita oil producers globally.
For the Caribbean and Latin America, the stakes are equally high. Guyana’s transformation is reshaping regional energy dynamics, creating new opportunities – but also raising urgent questions about transparency, accountability, and long-term economic sustainability.
As production surges and disputes deepen, one thing is clear: Guyana’s oil story is only just beginning.
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