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Guyanas Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of crude.
billion acquisition of Pioneer Natural Resources, Woods emphasized how innovationnot just scaleis at the heart of ExxonMobils growth plans, especially in the Permian Basin. oil and gas production, but its far from perfect. In fact, the industry typically recovers only 5% to 10% of the oil in place from shale reservoirs.
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