$12.5 Billion Additional Investment Accompanies ExxonMobil’s Approval of Longtail Project in Guyana
Key Facts
ExxonMobil has taken a final investment decision on the offshore Longtail project in Guyana, following completion of the required government and regulatory approvals, clearing the way for development of the eighth project in the Stabroek block and targeting startup in 2030. The company said in an announcement carried by Business Wire via Yahoo Finance that the development is in the block’s southeastern section. The project includes a planned additional investment of $12.5 billion. Longtail is part of a successive expansion in Stabroek, as the company brings gas and condensate resources into development alongside existing oil production. ExxonMobil Upstream President Dan Ammann said the company is “unlocking new value for Guyana while providing competitive energy to meet growing global demand.”
Longtail focuses on non-associated gas and condensate reservoirs, distinguishing it from Stabroek projects whose current output is centered on crude oil. It will use a floating production, storage and offloading vessel designed to process 1.2 billion standard cubic feet of gas per day. The vessel is also targeting production of up to 250,000 barrels per day of condensate. These capacities show that the project combines gas flows and condensate liquids production in a single development. It is expected to include about 45 subsea production and injection wells, according to project details carried by Business Wire.
Longtail is the proposed eighth project in the block, following Hammerhead, which became the seventh development after its development plan and production license were approved in September 2025. The Guyanese government described it in September 2026 as the proposed eighth project, while it was still undergoing regulatory reviews. In its 2026 budget speech, the Ministry of Finance said approval would raise Stabroek’s total production capacity to 1.7 million barrels per day. The final decision gives the project a more advanced status than the proposal and review stage referenced in earlier government statements. The capacity cited in the budget speech remains an estimate for after approval, not a measure of current production.
ExxonMobil currently produces about 900,000 barrels of oil per day from four projects in Stabroek, according to the company’s announcement on November 12, 2026. The company expects production to exceed 1 million barrels per day after the start of its fifth project, Uaru, expected in the fourth quarter. This trajectory places Longtail among later additions, though it targets gas and condensate and its announced startup date remains 2030. The company also said Whiptail, the sixth project, is expected to begin production in 2027, followed by Hammerhead in 2029. These dates link the current expansion to additions expected in stages before Longtail starts operating.
Guyana’s share of extracted crude provides a parallel financial backdrop to Stabroek’s expansion. In August 2026, President Mohamed Irfaan Ali said the country’s entitlement had risen to 39.8% of the crude, compared with a 12.5% share during the company’s cost-recovery period. He added that the government was studying how to finance the next phase of projects. These figures reflect the shift in Guyana’s share between two project phases, according to the president, alongside consideration of financing for new developments. Longtail is operated by ExxonMobil Guyana, which holds a 45% stake in the block; Hess Guyana Exploration owns 30%, while CNOOC Petroleum Guyana holds 25%.