ExxonMobil Eyes Ultra-Deepwater Opportunities as Guyana Development Enters New Phase

GEORGETOWN, GUYANA — ExxonMobil Guyana is advancing its offshore strategy by evaluating oil discoveries in waters approaching 3,000 meters deep, signaling a shift beyond the large-scale projects that defined the first phase of development in the Stabroek Block.

Speaking at the Offshore Technology Conference (OTC) in Houston, ExxonMobil Guyana Development Manager Kyle Countryman outlined the company’s evolving focus on more technically complex reservoirs.
“We’re now looking at discoveries in ultra-deepwater, getting close to 3,000 meters,” Countryman said during a panel discussion.
He explained that earlier developments targeted larger, more commercially viable black oil discoveries capable of supporting standalone production projects.

These initial projects laid the foundation for Guyana’s rapid emergence as a major oil-producing nation.
“If you look, we always do the easy stuff first — though none of these deepwater developments were truly easy,” he noted.
According to Countryman, the next phase will involve smaller and more challenging accumulations, many of which may not justify independent production facilities. Instead, these resources are being assessed for “tieback” development — a strategy that connects smaller discoveries to existing floating production, storage, and offloading (FPSO) vessels.
“These are tied-back opportunities that are smaller and not standalone,” he said.

The approach allows ExxonMobil and its partners, Hess and CNOOC, to optimize infrastructure while unlocking additional reserves that might otherwise remain undeveloped.
“We have a lot of discovered, undeveloped resources that we’re looking at ways to unlock,” Countryman added.
The company is also engaged in ongoing discussions with the Government of Guyana as it evaluates future development pathways in the basin.

Guyana currently has four producing FPSOs in the Stabroek Block, with several additional projects already approved, reinforcing its position as a global offshore oil hotspot.
As operators push into ultra-deepwater and increasingly complex reservoirs, the next phase of Guyana’s oil story will hinge on technological innovation, cost efficiency, and strategic resource integration.