ExxonMobil has submitted a report to the U.S. government detailing its plans for a new energy project in Guyana. This project, led by an ExxonMobil consortium, aims to produce up to 1.5 billion cubic feet of natural gas per day and 290,000 barrels of gas condensate daily. The production will be facilitated by a floating production facility capable of exporting fuel.
Gas condensate, also known as natural gas liquids (NGL), is a liquid hydrocarbon mixture extracted from natural gas fields. It separates from natural gas due to pressure and temperature changes during extraction. Resembling gasoline, it can be used directly as fuel, hence its alternative name, natural gasoline.
The Longtail project by ExxonMobil (XOM, Financial) involves the development of resources in the Longtail, Tripletail, and Turbot areas off the coast of Guyana. The company has already submitted an environmental authorization application, which has been made public by the Guyanese government.
In response to governmental pressure to increase natural gas production and supply, the Longtail project is expected to become ExxonMobil’s most significant natural gas development in Guyana to date. The project includes plans for petrochemical plants and liquefied natural gas facilities.