Exxon Mobil reaches 500 million barrels of oil production milestone in Guyana

Exxon Mobil Corp. has announced it has produced 500 million barrels of oil from the Stabroek block in Guyana, just five years after starting production. The company aims to increase output to at least 1.3 million barrels per day by the end of 2027. The consortium, which includes Hess Corp. and China's Cnooc, has already achieved over 650,000 barrels per day from three projects. Exxon is also set to begin generating natural gas from its Guyana assets, with a new floating production unit expected to enhance operations. Guyana's economy has transformed significantly due to these oil developments, with GDP per capita rising to $20,360 in 2023 from $6,477 in 2019. The country is now classified as an upper-middle-income nation.