In the 2026 budget, Guyana has designated GY$118.9 million, or approximately US$570,000, for the technical review of ExxonMobil’s proposed Longtail development. Natural Resources Minister Vickram Bharrat announced the funding during the consideration of budget estimates, explaining that the allocation prepares the government for the likely submission of a field development plan for this eighth project in the Stabroek Block.
Minister Bharrat noted that ExxonMobil has already begun nationwide environmental consultations as it prepares the development plan. Once the plan is officially submitted, the government will hire an international specialist consultancy to conduct a thorough assessment before issuing a production license. This follows the administration's established practice of utilizing expert firms, such as the UK-based Bayphase, for previous offshore developments.
The Longtail project represents a significant strategic shift for Guyana’s energy sector. Unlike the seven prior oil-focused developments, Longtail is designed as the first project centered on non-associated gas. It is expected to target a production capacity of roughly one billion cubic feet of natural gas per day alongside 250,000 barrels per day of condensate.
ExxonMobil and its partners—Chevron (which recently acquired Hess) and CNOOC—have secured approvals for seven offshore projects to date. Currently, four of these projects are producing approximately 900,000 barrels of oil per day, while the remaining three approved developments are scheduled to begin operations in 2026, 2027, and 2029.