Executive Overview

Guyana has emerged as one of the most strategic upstream frontiers in the Western Hemisphere. The offshore basin — particularly the Stabroek Block operated by ExxonMobil (45%), with Chevron (formerly Hess, 30%) and CNOOC (25%) as partners — has transformed the regional energy landscape.1

This Scouting Report focuses on:

RAPIDS™ frames this analysis as situational intelligence, designed to inform positioning, due diligence, and early-warning processes.

1. Operational Landscape

Guyana’s offshore developments are entering a mature project phase. The Stabroek Block has delivered multiple producing fields (Liza Destiny, Liza Unity, Prosperity, ONE GUYANA/Yellowtail), with Uaru (2026) and Whiptail (2027) under active development, and Hammerhead approved for 2029 startup.4

Current production status (Q4 2025):

Table 1.1 — Regional Comparison: Production & Costs (2025)
Source: EIA, Rystad, Wood Mackenzie, OPEC Monthly Oil Market Reports (H1–Q4 2025)
Country 2025 Output (mbpd) Growth vs. 2024 Breakeven (US$/bbl) Lifting Cost (US$/bbl) Notes
Guyana 0.77–0.90 +25–30% 30–35 5–10 Stabroek ramp-up; 4 FPSOs online. ROI >30%. Target: 900k bpd by year-end.
Colombia 0.71–0.75 -7 to -10% 40–50 15–20 Multi-year production lows; mature onshore declining. Lost 3rd place to Argentina.
Venezuela 0.89–0.92 Stable/+2% 20–30 10–12 Plateaued ~900k bpd; Chevron ops limited by sanctions volatility; China main buyer.
Trinidad & Tobago 0.05–0.06 Stable 30–40 10–15 Gas-dominant mix; oil marginal.
USA 13.0+ +3–5% 45–65 10–15 Record shale; Permian leadership.
Argentina 0.74–0.80 +10–15% 45–55 20–25 Vaca Muerta shale surging; briefly overtook Colombia in production ranking.
Mexico 1.60–1.70 -3 to -5% 40–50 15–20 Pemex decline continues; private sector reforms limited impact.

Note on sources: Regional production data cross-validated with: - EIA International Energy Statistics (November 2025) - OPEC Monthly Oil Market Report (October 2025) - Colombia ANH production bulletins (Q3 2025) - Venezuela PDVSA reports and OPEC secondary sources

1.2 Active FPSO Fleet — Stabroek Block Production Infrastructure

The operational backbone of Guyana’s oil production consists of Floating Production Storage and Offloading (FPSO) vessels — large floating platforms that receive crude oil from subsea wells, process it (separating water, gas, and sediments), store it in internal tanks, and offload it to shuttle tankers for transport to refineries.8

Figure 1 — ExxonMobil Guyana’s ONE GUYANA Floating, Production, Storage and Offloading (FPSO) vessel in Guyanese waters (2025). Source: ExxonMobil Guyana , 2025.

All Stabroek Block FPSOs are engineered and operated by SBM Offshore (Netherlands), establishing the company as the de facto prime contractor for Guyana offshore developments.

Table 1.2 — Stabroek Block FPSO Fleet Status (November 2025)
Source: ExxonMobil, SBM Offshore, Rystad Energy, RAPIDS™ Framework Analysis
FPSO Vessel Field Capacity (bpd) Status (Nov 2025) First Oil FPSO Contractor Est. CAPEX ($B)
Liza Destiny Liza Ph. 1 120,000 Operating Dec 2019 SBM Offshore $1.2
Liza Unity Liza Ph. 2 220,000 Operating Feb 2022 SBM Offshore $1.6
Prosperity Payara 220,000 Operating Nov 2023 SBM Offshore $1.9
ONE GUYANA Yellowtail 250,000 Operating (4 mo. early) Aug 2025 SBM Offshore $1.8
Uaru FPSO Uaru 250,000 Under construction 2026 SBM Offshore $1.9
Jaguar Whiptail 250,000 Engineering phase 2027 SBM Offshore $2.0
Hammerhead FPSO Hammerhead 120,000–150,000 FID approved (Sep 2025) 2029 SBM Offshore (likely) $1.3–1.5

Key insights from FPSO deployment pattern:

  • Current operational capacity: Four FPSOs producing ~810,000 bpd (cumulative $6.5B CAPEX); targeting 900,000 bpd by year-end 2025
  • Capacity scaling: From 120k bpd (2019) to 250k bpd (2025) — demonstrates learning curve and technological optimization
  • Execution velocity: ONE GUYANA delivered 4 months ahead of schedule — industry-leading project management by ExxonMobil/SBM
  • Investment magnitude: Cumulative CAPEX for 7 approved FPSOs exceeds $12B (FPSOs alone, excluding subsea infrastructure)
  • Contractor lock-in: SBM Offshore’s monopoly creates barriers to entry for competing FPSO providers but also concentration risk
  • Service continuity: Liza Destiny (2019) approaching 6-year operational milestone — brownfield maintenance contracts emerging
  • Phase shift signal: Hammerhead’s smaller capacity (120-150k bpd vs. 250k) suggests transition to smaller field developments post-2027

Implications for market positioning:

  • For EPCs: SBM Offshore subcontracts topside modules, subsea systems, mooring — contract opportunities in 2026-2028 construction phase
  • For service companies: Four operating FPSOs require ongoing maintenance, inspection, and integrity services — recurring revenue streams
  • For logistics providers: Shuttle tanker traffic intensifying (2-3 offtake operations per week per FPSO) — marine services demand growing

The onshore logistics are scaling rapidly — with expansion in Georgetown’s port facilities, heliports, and contractor bases. Support infrastructure and service contracts show consistent growth, suggesting sustained field activity through 2030.9

Figure 2 — Hess/Exxon operations and drilling footprint, Guyana offshore (2025). Source: Hess Corporation, 2025.

2. Key Observations

Table 2.1 — Key Observations: Guyana Upstream Context
Source: RAPIDS™ Framework Analysis (November 2025)
Vector Description Implications
Operator Behavior ExxonMobil maintains accelerated development pace. Hammerhead FID approved Sept 2025 ($6.8B). 7th project in 10 years. Commitment to full exploitation horizon. Industry-leading execution: Yellowtail 4 months ahead of schedule.
Equity Dynamics Chevron completed Hess acquisition July 18, 2025 after favorable ICC arbitration ruling. Now holds 30% Stabroek stake. Integration underway. Ownership structure stabilized. Chevron-Exxon now partners post-arbitration. Potential operational adjustments during H2 2025–2026 transition period.
Regional Policy Guyana's sovereign fund (Natural Resource Fund) exceeds $7.8B paid since 2019. Regulatory structures stable. Local content requirements expanding. Supports continuity but attracts transparency scrutiny. GPL and local content secretariat active.
Service Ecosystem Expanding presence of EPC and logistics firms (SLB, SBM Offshore, TechnipFMC, Halliburton). 6,200 Guyanese employed (70% of workforce). Competitive environment constrained by port capacity. Georgetown shore base expanding. Demerara River Bridge improving logistics.
Cross-Border Context Suriname and Brazil basins drawing attention (APA, TotalEnergies). Venezuela border tensions persist despite US security assurances. Future regional integration corridors possible. Geopolitical monitoring essential.

Critical Update — Chevron-Hess Merger Completion:

The International Chamber of Commerce (ICC) arbitration panel ruled in favor of Chevron/Hess on July 18, 2025, rejecting ExxonMobil’s claim of right-of-first-refusal over Hess’s 30% Stabroek stake.10 The $53B acquisition was immediately completed, making Chevron and ExxonMobil partners in Guyana’s most valuable oil development.11 The FTC also cleared John Hess to join Chevron’s board.12

Implications:

3. Gas Outlook

Guyana’s offshore gas portfolio is transitioning from incidental recovery to a potential monetization phase. The Gas-to-Energy Project (Wales Development Zone, West Bank Demerara) is the cornerstone initiative, targeting domestic energy transformation before considering export scenarios.

Current Project Status (November 2025):

Infrastructure:

  • Pipeline: 140-mile (225 km) subsea + onshore pipeline from Liza field completed October 2024; mechanically ready but not yet carrying gas pending onshore plant completion.13
  • Power Plant: 300 MW combined-cycle gas turbine (CCGT) plant at Wales — 68% complete overall as of October 2025.14 Engineering 89%, procurement 90.46%, construction 23%.15
  • NGL Facility: Natural Gas Liquids processing unit to strip liquids at 99% efficiency; equipment in Houston awaiting site readiness.16
  • 24/7 operations: Round-the-clock construction shifts initiated October 2025. All four turbine foundations poured; turbine installation targeted by December 2025.17

Timeline:

  • Original target: Q4 2024
  • Revised target: Q1–Q2 2026 (commissioning)18
  • Delays caused by: 14-month soil stabilization challenges requiring $100M additional investment and specialized Fugro engineering.19

Key Parameters:

  • Gas supply: ~50 million cubic feet per day (mmcf/d) from Liza field20
  • Power generation: 300 MW (expandable to 600 MW in Phase 2)
  • NGL production: ~4,000 barrels/day (3,800 bpd condensate marketed by government)
  • Total investment: ~$1.9–2.0B (includes $1B ExxonMobil pipeline + $759M plant + $159M transmission by Kalpataru)21
  • US EXIM financing: $526M loan approved for US equipment exports22

Contractor dynamics: - Main contractor: LINDSAYCA CH4 Guyana (consortium initially included CH4, which withdrew due to soil stabilization cost dispute; arbitration pending at ICC Washington DC)23 - Engineering consultant: Engineers India Limited (EIL) - Pipeline JV: Van Oord + Subsea 7 (offshore); GAICO + SICIM (onshore)

Outlook by horizon:

  • Short-term (2026–2027): Limited export capability; domestic offtake prioritized for energy stability. Electricity cost reduction expected to save government $200M annually.24 Wales Development Zone to host agro-processing, data centers, fertilizer plant.
  • Medium-term (2028–2030): Potential Phase 2 expansion (additional 75 mmcf/d, second 300 MW plant, +6,000 bpd NGL). Regional integration with Trinidad & Tobago LNG infrastructure under consideration.25
  • Long-term (post-2030): Export viability tied to carbon management frameworks, fiscal incentives, and floating LNG (FLNG) technology assessments. Distance to Trinidad makes direct pipeline economically prohibitive; FLNG or CNG solutions explored.26

4. EPC & Oil and Gas Services Landscape

Guyana’s service ecosystem remains dominated by international EPCs with increasing local content requirements enforced by the Guyana Local Content Secretariat.27 Below are companies currently positioned and those with near-term potential to establish operational presence.

Table 4.1 — EPC & Service Companies Positioning in Guyana (2025)
Source: RAPIDS™ Framework — Industry Validation, Corporate Filings, Project Awards (Nov 2025)
Company Current Position Potential Opportunity RAPIDS™ Commentary
SLB (Schlumberger) Established operational base in Georgetown; active well services. Expanding data operations, wireline, and drilling services for Uaru/Whiptail. High integration advantage; strong digital/data analytics positioning.
SBM Offshore FPSO contractor: Liza Destiny, Liza Unity, Prosperity, ONE GUYANA (Yellowtail). Likely prime contractor for Whiptail FPSO (Jaguar, under construction) and future developments. Unmatched offshore execution record in Guyana; preferred FPSO partner.
TechnipFMC Active in subsea systems and EPC integration; pipeline infrastructure. Brownfield optimization, subsea tie-backs, Phase 2 gas expansion. Strong subsea technology portfolio; competitive in new field developments.
Halliburton Drilling and completion services; cementing, wireline. Expansion into Uaru/Whiptail drilling campaigns; gas well completions. Complementary to SLB; benefits from operator diversification strategies.
Massy Group Regional industrial support, logistics, and supply chain services (Trinidad-based). Expansion into specialized energy services; potential JV with international EPCs. Caribbean network advantage; local content compliance facilitator.
Stork (Fluor) Maintenance and asset integrity provider for operating FPSOs. Brownfield maintenance alliances; long-term operations & maintenance (O&M) contracts. Synergy with expanding FPSO fleet and onshore industrial zones.
Subsea 7 / Van Oord JV Offshore gas pipeline installation (Liza to Wales) completed 2024. Future pipeline infrastructure (Phase 2 gas, infield flowlines). Proven execution in Guyana offshore environment.
GAICO + SICIM JV Onshore gas pipeline construction (Wales segment). Phase 2 gas infrastructure; potential for Berbice industrial park pipeline. Local content leader (GAICO); Italian engineering expertise (SICIM).
Kalpataru Projects Transmission line and substation contractor ($159M contract for Wales GTE). National grid expansion; future power distribution infrastructure. Experienced in remote/challenging environments; Indian EPC capability.

Local Content Update:

As of September 2025, ExxonMobil reports:28 - 6,200 Guyanese employed (70% of total workforce) - GY$87B ($430M USD) spent with 1,800+ local vendors - 370,000+ training hours delivered since operations began

Emerging players to monitor:

5. Intelligence Summary — Risk & Monitoring Framework

Table 5.1 — Risk Matrix: Guyana Offshore Operations (November 2025)
Source: JR Engineering Company — RAPIDS™ Framework (2025)
Risk Potential Impact RAPIDS™ Monitoring Approach Status (Nov 2025)
Regulatory or compliance delays Project timelines affected by Environmental Protection Agency (EPA) review bottlenecks; production license delays. Track EPA permit cycles, ministerial communications, National Assembly legislative activity. STABLE: Hammerhead EPA approval completed Sept 2025; Longtail EIA submitted.
Logistics congestion Port/shore base capacity constraints; vessel traffic delays; equipment delivery bottlenecks. Monitor Georgetown port expansion, Demerara River Bridge utilization, vessel movement data (MARAD reports). IMPROVING: Bridge operational since 2024; Wales GTE logistics accelerated. Port expansion ongoing.
Political misalignment Election cycle risks (2025 general elections); policy shifts on royalties, local content enforcement, or environmental standards. Sentiment tracking across PPP/C government, opposition APNU+AFC, civil society, international NGOs. MODERATE: Pre-election positioning expected H1 2026. Local content pressures increasing.
Operational safety or incident exposure FPSO downtime, well control incidents, pipeline integrity issues, HSE violations. Cross-reference operator HSE bulletins, MARAD incident reports, EPA enforcement actions, insurance claims. LOW: Zero major incidents reported 2025. Yellowtail 4-month early startup demonstrates execution discipline.
Geopolitical tensions Venezuela border dispute escalation; US-China relations impacting CNOOC; sanctions volatility. Monitor US Southern Command statements, Guyana Defence Force alerts, CNOOC parent company sanctions lists. ELEVATED: US military drills conducted 2025; Venezuelan rhetoric persists. No kinetic threats detected.
Gas project execution risk Wales GTE further delays; contractor disputes; cost overruns beyond current $100M soil stabilization. Track LINDSAYCA arbitration outcome (ICC Washington DC); construction milestone reports; EXIM Bank disbursements. MODERATE-HIGH: 68% complete but 14-month delay precedent. 24/7 ops mitigate risk but Q1 2026 target ambitious.

Reputation and stakeholder perception risk (License-to-operate):

6. Strategic Recommendations for Market Entry / Positioning

For Service Companies:

  1. Establish early Georgetown presence — Office + logistics footprint before 2026 to capture Uaru/Whiptail mobilization contracts
  2. Local content compliance strategy — JV with Guyanese firms (Massy, GAICO, Toolsie Persaud) or equity partnerships
  3. Differentiation through digital/data — Remote monitoring, predictive maintenance, digital twin capabilities valued by operators
  4. Trinidad hub leverage — Use T&T as staging base for nearshore support (fabrication, warehousing)

For Financial/Investment Entities:

  1. Equity exposure paths: Chevron (CVX) direct play via Hess acquisition; ExxonMobil (XOM) Guyana-weighted portfolios; CNOOC parent listings
  2. Indirect plays: SBM Offshore (SBMO.AS), TechnipFMC (FTI), SLB (SLB), Halliburton (HAL)
  3. Sovereign exposure: Guyana Natural Resource Fund (NRF) bonds if issued; infrastructure project bonds (transmission, port expansion)
  4. Risk hedges: Venezuela border insurance products; political risk coverage via MIGA/OPIC

For Strategic Corporate Positioning:

  1. Phase timing: Hammerhead engineering phase (2025–2027) = optimal entry window before 2029 production
  2. Gas value chain: Position for Phase 2 GTE expansion (2028+); NGL marketing/logistics opportunities
  3. Talent acquisition: Hire from Trinidad offshore workforce; Norwegian/UK North Sea expats with deepwater FPSO experience
  4. Regulatory navigation: Engage EPA early (18–24 month permitting cycles); coordinate with Ministry of Natural Resources, GPL, Local Content Secretariat

References

Operator & Project Sources

  1. ExxonMobil Guyana Operations. “Guyana Project Overview.” ExxonMobil Corporation. Accessed November 2025. https://corporate.exxonmobil.com/locations/guyana/operations/guyana-project-overview

  2. ExxonMobil. “ExxonMobil Guyana expands capacity with seventh offshore development.” News Release, September 22, 2025. https://corporate.exxonmobil.com/news/news-releases/2025/0922_exxonmobil-guyana-expands-capacity

  3. ExxonMobil. “ExxonMobil Guyana begins production at fourth offshore Guyana project.” News Release, August 8, 2025. https://corporate.exxonmobil.com/news/news-releases/2025/0808_exxonmobil-guyana-begins-production-at-fourth-offshore-guyana-project

  4. Chevron Corporation. “Chevron Completes Acquisition of Hess Corporation.” News Release, July 18, 2025. https://www.chevron.com/newsroom/2025/q3/chevron-completes-acquisition-of-hess-corporation

  5. Axios. “Chevron completes Hess merger after ruling.” Ben Geman, July 18, 2025. https://www.axios.com/2025/07/18/chevron-hess-merger-exxon-ruling

  6. Fortune. “Exxon Mobil approves $6.8B oil expansion offshore of Guyana—its first with rival Chevron as partner.” Geoff Colvin, September 22, 2025. https://fortune.com/2025/09/22/exxon-chevron-hess-guyana-hammerhead-oil/

Guyana Gas-to-Energy Project

  1. OilNOW. “A guide to Guyana’s Gas-to-Energy project.” Kemol King, June 29, 2025. https://oilnow.gy/featured/guyanas-gas-to-energy-project-your-questions-answered/

  2. Demerara Waves. “Wales gas-to-energy power plant 68 percent complete after 14-month delay.” October 15, 2025. https://demerarawaves.com/2025/10/15/wales-gas-to-energy-power-plant-is-68-3-percent-complete-after-14-month-delay-due-to-soil-stabilisation/

  3. Village Voice News (Guyana). “24/7-Hour Construction Now Underway at Wales Gas-to-Energy Project.” October 12, 2025. https://villagevoicenews.com/2025/10/12/24-7-hour-construction-now-underway-at-wales-gas-to-energy-project/

  4. DPI Guyana (Department of Public Information). “24/7 work schedule now in effect for Wales Gas-to-Energy project.” October 2025. https://dpi.gov.gy/24-7-work-schedule-now-in-effect-for-wales-gas-to-energy-project/

  5. Global Energy Monitor. “Liza Gas Pipeline.” Wiki Database, Updated September 5, 2025. https://www.gem.wiki/Liza_Gas_Pipeline

Production & Regional Data

  1. Guyana Chronicle. “ExxonMobil Guyana producing approximately 740,000 barrels per day.” October 14, 2025. https://guyanachronicle.com/2025/10/14/exxonmobil-guyana-producing-approximately-740000-barrels-per-day/

  2. US Energy Information Administration (EIA). “International Energy Statistics — Petroleum & Other Liquids Production.” November 2025. https://www.eia.gov/international/data/world

  3. OPEC. “Monthly Oil Market Report.” October 2025 Edition. Organization of the Petroleum Exporting Countries. https://www.opec.org/opec_web/en/publications/338.htm

  4. Colombia ANH (Agencia Nacional de Hidrocarburos). “Boletín de Producción de Petróleo y Gas.” Q3 2025. https://www.anh.gov.co/estadisticas-del-sector/boletines-produccion

Local Content & Regulatory

  1. Guyana Local Content Secretariat. “Service Company Registry and Local Participation Guidelines.” Ministry of Natural Resources, 2025. https://naturalresources.gov.gy/local-content/

  2. ExxonMobil Guyana. “ExxonMobil Guyana deepens commitment to local content and workforce development.” September 22, 2025. https://corporate.exxonmobil.com/locations/guyana/guyana-newsroom

Market Intelligence & Analysis

  1. Wood Mackenzie. “Guyana Upstream Outlook.” October 2025 Edition. Edinburgh: Wood Mackenzie Limited.

  2. Rystad Energy. “Guyana Basin — Production and Cost Analysis.” UCube Database, 2025. https://www.rystadenergy.com

  3. IHS Markit (S&P Global Commodity Insights). “Caribbean Gas Market Outlook.” Q3 2025 Report. London: S&P Global.

  4. Bloomberg. “Chevron Triumphs Over Exxon, Wins 20-Month Battle to Buy Hess.” Joe Carroll and Kevin Crowley, July 18, 2025. https://www.bloomberg.com/news/articles/2025-07-18/chevron-completes-hess-acquisition

FPSO & Contractor Sources

  1. SBM Offshore. “FPSO Technology Overview.” Company Website, 2025. https://www.sbmoffshore.com/what-we-do/fpso/

  2. SBM Offshore. “Guyana Projects — Liza Destiny, Liza Unity, Prosperity, ONE GUYANA.” Project Portfolio, 2025. https://www.sbmoffshore.com/projects/

RAPIDS™ Framework Internal

  1. JR Engineering Company. “RAPIDS™ Framework — Operational & Strategic Intelligence Methodology.” Internal Documentation, Version 3.2, 2025.

  2. JR Engineering Company. “Guyana Basin Field Intelligence Reports.” RAPIDS™ Regional Analysis Series, Q3–Q4 2025.

Appendix A — Glossary of Terms

Term Definition
CCGT Combined Cycle Gas Turbine — power generation technology using both gas and steam turbines
EIA Environmental Impact Assessment
EPA (Guyana) Environmental Protection Agency — regulatory authority for project approvals
EPC Engineering, Procurement, and Construction — integrated project delivery model
FID Final Investment Decision — commitment to proceed with project execution
FPSO Floating Production, Storage, and Offloading vessel — offshore production platform
GPL Guyana Power & Light — national electricity utility
GTE Gas-to-Energy — integrated gas monetization and power generation project
HSE Health, Safety, and Environment
ICC International Chamber of Commerce — arbitration body for commercial disputes
JV Joint Venture
MARAD Maritime Administration Department (Guyana)
mbpd / mmcf/d Million barrels per day / Million cubic feet per day
NGL Natural Gas Liquids — propane, butane, condensate extracted from gas streams
NRF Natural Resource Fund — Guyana’s sovereign wealth fund for oil revenues
O&M Operations & Maintenance
PSA Production Sharing Agreement — fiscal/contractual framework between government and operators
RAPIDS™ Recurrent Analytics · Predictive Intelligence · Data-driven Solutions — JR Engineering’s intelligence framework
ROI Return on Investment
Stabroek Block 6.6 million acre offshore petroleum license operated by ExxonMobil

Appendix B — Project Timeline Summary

Stabroek Block Development Timeline
Source: ExxonMobil, Hess/Chevron, Guyana EPA (November 2025)
Project (FPSO) Lead Operator Capacity (bpd) Sanction (FID) First Oil Status (Nov 2025)
Liza Phase 1 (Destiny) ExxonMobil 120,000 2017 Dec 2019 Producing
Liza Phase 2 (Unity) ExxonMobil 220,000 2019 Feb 2022 Producing
Payara (Prosperity) ExxonMobil 220,000 2020 Nov 2023 Producing
Yellowtail (ONE GUYANA) ExxonMobil 250,000 2022 Aug 2025 Producing (4 months early)
Uaru ExxonMobil 250,000 2024 2026 Under construction
Whiptail (Jaguar FPSO) ExxonMobil/Chevron 250,000 2024 2027 Engineering phase
Hammerhead ExxonMobil/Chevron 120,000-180,000 Sept 2025 2029 FID approved; EPA cleared
Longtail ExxonMobil/Chevron ~250,000 TBD (2026?) 2030+ EIA submitted Sept 2025

Notes:

Appendix C — Contact & Distribution

Report prepared by:
JR Engineering Company
RAPIDS™ Strategic Intelligence Unit
rapids@jrengineering.com.co

Document Control:
Reference: RAPIDS/OPS-GUYANA-1125
Version: v1.1 (Referencias Validadas)
Date: November 2025
Classification: Internal Use · Under Strategic Review

Intended Audience:
Corporate decision makers, energy sector executives, investment analysts, business development teams, strategic planning units.

Disclaimer:
This report is based on publicly available information, operator disclosures, regulatory filings, and RAPIDS™ proprietary analysis as of November 2025. While every effort has been made to ensure accuracy, JR Engineering Company makes no warranties regarding completeness or suitability for specific investment or operational decisions. Users should conduct independent due diligence and consult qualified advisors before making strategic commitments.

Update Cycle:
RAPIDS™ Scouting Reports are refreshed quarterly or upon material developments. Next scheduled update: Q1 2026.

JR Engineering — RAPIDS™ Framework
From data to operational wisdom
rapids@jrengineering.com.co

Confidentiality Notice:
This report contains confidential information and is intended solely for internal organizational use. Unauthorized distribution, reproduction, or disclosure is prohibited.

Document Verification Log

References validation completed: November 8, 2025

Sources cross-checked: 25 primary sources (operator reports, FPSO contractors, regulatory filings, news media, market intelligence)

Critical updates integrated: - Chevron-Hess merger completion (July 2025) - Hammerhead FID approval (September 2025) - Wales GTE construction status (October 2025) - Regional production data (Q3-Q4 2025) - Colombia production decline validation - Venezuela production plateau confirmation -

NEW: FPSO fleet detailed breakdown with contractor analysis (Table 1.2)

Quality assurance: All inline citations link to verifiable, publicly accessible sources or established market intelligence providers. Corporate filings, regulatory documents, and operator press releases prioritized over secondary media where available.

RAPIDS™ certification: This document meets RAPIDS™ Framework standards for source validation, data integrity, and strategic intelligence synthesis.

END OF REPORT

  1. ExxonMobil (2025). “Guyana Project Overview.” Available at: https://corporate.exxonmobil.com/locations/guyana/operations/guyana-project-overview↩︎

  2. ExxonMobil (2025). “ExxonMobil Guyana expands capacity with seventh offshore development.” September 22, 2025. https://corporate.exxonmobil.com/news/news-releases/2025/0922_exxonmobil-guyana-expands-capacity↩︎

  3. Chevron Corporation (2025). “Chevron Completes Acquisition of Hess Corporation.” July 18, 2025. https://www.chevron.com/newsroom/2025/q3/chevron-completes-acquisition-of-hess-corporation↩︎

  4. ExxonMobil (2025). “Guyana Project Overview.” https://corporate.exxonmobil.com/locations/guyana/operations/guyana-project-overview↩︎

  5. Guyana Chronicle (2025). “ExxonMobil Guyana producing approximately 740,000 barrels per day.” October 14, 2025. https://guyanachronicle.com/2025/10/14/exxonmobil-guyana-producing-approximately-740000-barrels-per-day/↩︎

  6. ExxonMobil (2025). “ExxonMobil Guyana begins production at fourth offshore Guyana project.” August 8, 2025. https://corporate.exxonmobil.com/news/news-releases/2025/0808_exxonmobil-guyana-begins-production-at-fourth-offshore-guyana-project↩︎

  7. Fortune (2025). “Exxon Mobil approves $6.8B oil expansion offshore of Guyana.” September 22, 2025. https://fortune.com/2025/09/22/exxon-chevron-hess-guyana-hammerhead-oil/↩︎

  8. SBM Offshore (2025). “FPSO Technology Overview.” https://www.sbmoffshore.com/what-we-do/fpso/↩︎

  9. Wood Mackenzie (2025). “Guyana Upstream Outlook.” October 2025 Edition.↩︎

  10. Axios (2025). “Chevron completes Hess merger after ruling.” July 18, 2025. https://www.axios.com/2025/07/18/chevron-hess-merger-exxon-ruling↩︎

  11. Bloomberg (2025). “Chevron Triumphs Over Exxon, Wins 20-Month Battle to Buy Hess.” July 18, 2025.↩︎

  12. Chevron press release, July 18, 2025.↩︎

  13. Global Energy Monitor (2025). “Liza Gas Pipeline.” Updated September 5, 2025. https://www.gem.wiki/Liza_Gas_Pipeline↩︎

  14. Demerara Waves (2025). “Wales gas-to-energy power plant 68 percent complete after 14-month delay.” October 15, 2025. https://demerarawaves.com/2025/10/15/wales-gas-to-energy-power-plant-is-68-3-percent-complete-after-14-month-delay-due-to-soil-stabilisation/↩︎

  15. Ibid.↩︎

  16. Ibid.↩︎

  17. Village Voice News (2025). “24/7-Hour Construction Now Underway at Wales Gas-to-Energy Project.” October 12, 2025. https://villagevoicenews.com/2025/10/12/24-7-hour-construction-now-underway-at-wales-gas-to-energy-project/↩︎

  18. DPI Guyana (2025). “24/7 work schedule now in effect for Wales Gas-to-Energy project.” October 2025. https://dpi.gov.gy/24-7-work-schedule-now-in-effect-for-wales-gas-to-energy-project/↩︎

  19. Demerara Waves, October 15, 2025.↩︎

  20. OilNOW (2025). “A guide to Guyana’s Gas-to-Energy project.” June 29, 2025. https://oilnow.gy/featured/guyanas-gas-to-energy-project-your-questions-answered/↩︎

  21. OilNOW, June 29, 2025.↩︎

  22. Ibid.↩︎

  23. Demerara Waves, October 15, 2025.↩︎

  24. Demerara Waves, October 15, 2025.↩︎

  25. IHS Markit (2025). “Caribbean Gas Market Outlook.” Q3 2025.↩︎

  26. OilNOW, June 29, 2025.↩︎

  27. Guyana Local Content Secretariat (2025). “Service Company Registry and Local Participation Guidelines.” https://naturalresources.gov.gy/local-content/↩︎

  28. ExxonMobil (2025). “ExxonMobil Guyana deepens commitment to local content and workforce development.” September 22, 2025. https://corporate.exxonmobil.com/locations/guyana/guyana-newsroom↩︎