Exxon says Guyana proved reserves have fallen below 11 billion barrels

Exxon reported a reduction in Guyana’s proved reserves to below 11 billion barrels and reiterated near‑term project timing (Uaru end‑2026; Whiptail 2027; Hammerhead 2029). Proved reserves increase only when projects are financed, the company noted.

In this brief: 3 sections 2 min read

- ExxonMobil Guyana Limited stated Guyana’s proved reserves have decreased to under 11 billion barrels.
- Company comment: proved reserves only increase when projects are financed.
- Exxon noted it has four FPSOs producing and has approvals for seven projects in Stabroek.
- Uaru expected to start up by end of 2026.
- Whiptail targeted for 2027 start‑up; Hammerhead expected to begin production in 2029.
- Exxon said it is seeking at least one additional project before decade end.
- Proved reserves underlie sanctioned project economics and host‑country revenue forecasts.
- Extended appraisal spending with no new additions to proved reserves could affect investment timing and reporting.
- Exxon’s production plans (additional FPSOs) still indicate growth even as proved reserves remain unchanged.

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