Exxon Mobil Corporation is reportedly planning to temporarily shut down two offshore oil production projects in Guyana for two weeks each between July and August to facilitate the connection of a natural gas pipeline.

The company's country head, Alistair Routledge, confirmed the planned shutdowns, stating their commitment to meeting a year-end deadline for pipeline completion despite delays on the government-led onshore portion of the project.

Routledge added that the offshore section of the $1 billion pipeline, under construction by Exxon, is 70% complete. 

Additionally, he emphasized the company's shift in focus from resource estimates to quantifying actual reserves, a crucial industry metric for determining commercially viable oil and gas reserves.

"Our greater focus now is on how do we move resource to reserves, because that's what generates revenue for the country," Routledge said.

The 140-mile pipeline will supply Guyana's $1.9 billion gas-to-power project, aiming to end the country's reliance on imported fuels and reduce energy costs for residents.

Last month, Exxon and Hess Corporation finalized their investment decision for the Whiptail development offshore Guyana after securing the necessary government and regulatory approvals.

The pipeline will connect offshore production vessels to a power plant and a natural gas processing facility. While the pipeline is expected to be operational by year-end, the power plant and transmission lines will not be fully functional until late 2025.

This news follows Exxon Mobil's strong Q1 performance, exceeding revenue expectations with $83.083 billion, nearly $5 billion above consensus estimates.