Exxon (XOM)-Led Guyana Oil Output Nears 1M bpd, Poised for Gains as Iran War Closes Hormuz

Guyana, the South American nation of fewer than 1 million people, now produces nearly 900,000 barrels per day (bpd) of oil and is positioned for a revenue windfall as the Iran war shuts the Strait of Hormuz, driving global buyers toward non-Middle Eastern crude. ExxonMobil (NYSE: XOM) leads a consortium that began pumping oil from the offshore Stabroek block in 2019. Output hit 900,000 bpd after the Yellowtail project started up last year. Three more projects—Uaru, Whiptail, and Hammerhead—are under construction, with Uaru expected to deliver first oil later this year. Total capacity from eight developments could reach 1.7 million bpd by 2030, backed by over $60 billion in committed investment. The conflict has heightened demand for Atlantic Basin supplies. IEA Executive Director Fatih Birol said the Hormuz crisis could redraw the global energy map. Guyana’s government expects $4.3 billion in oil revenue in 2026, a 67% jump from 2025, according to Reuters calculations. Once Exxon recoups its upfront costs, Guyana’s profit share from the Stabroek block will leap to 50% from the current 12.5%, potentially transforming the economy if it avoids the resource curse.