Exxon to Accelerate Gas Development in Guyana, Executive Announces

• Exxon unveiled an early-stage gas plan last year but has made little progress, with projects intended to supply petrochemical plants and data centers
• The company has already constructed a pipeline ready to deliver gas to Guyana, but is waiting for power plants scheduled for completion this year
• Ammann emphasized that gas project advancement depends on government permitting approvals and market frameworks, with Exxon prepared to invest 'in lockstep' once these are in place

Summary: Exxon to Accelerate Gas Development in Guyana

Key Developments:

Exxon Mobil's upstream chief Dan Ammann announced the company's commitment to rapidly developing natural gas projects in Guyana during remarks at the Guyana Energy Conference on February 17. This follows the Guyanese government's push for increased gas output and supply.

Project Status:

Exxon unveiled an early-stage plan last year to supply gas for petrochemical and power projects onshore, though little progress has materialized since. The company has completed a pipeline ready to deliver gas to Guyana, but is awaiting the completion of power plants scheduled for this year.

Challenges and Conditions:

Ammann noted that natural gas projects are more complex than oil developments, requiring coordination with multiple stakeholders including public utilities, communities, and regulators. He emphasized that Exxon's progress will be contingent on government action: "When government advances permitting approvals and market frameworks, we will advance engineering, execution, and investment in lockstep."

Market Implications:

The development represents a potential diversification of Guyana's energy sector beyond crude oil production. The Guyanese government envisions using the natural gas for petrochemical plants and data centers, which could attract additional industrial investment and economic development.

Outlook:

Exxon signaled readiness to match the pace of its partners, positioning the ball in the government's court regarding regulatory approvals and market framework establishment. The project's timeline remains dependent on governmental and infrastructure readiness rather than Exxon's technical capabilities.