Guyana’s oil production capacity has grown to over 900,000 barrels per day (bpd) as Exxon Mobil Corp. and its partners in the Stabroek block put into operation the Yellowtail project, the energy giant said.
The fourth and biggest development in the offshore Stabroek, Yellowtail can produce up to 250,000 bpd through floating production, storage and offloading vessel (FPSO) ONE GUYANA, according to ExxonMobil.
“Yellowtail’s ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana”, Dan Ammann, president for upstream at ExxonMobil, said in an online statement from the company.
“With Guyanese making up more than 67 percent of the country’s oil and gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth”.
ExxonMobil said, “By 2030, ExxonMobil Guyana expects to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments”.
Spring, Texas-based ExxonMobil operates Stabroek with a 45 percent stake through ExxonMobil Guyana Ltd. Chevron Corp. owns 30 percent through Hess Guyana Exploration Ltd., following the recent completion of Chevron’s acquisition of Hess Corp. CNOOC Petroleum Guyana Ltd., under state-owned China National Offshore Oil Corp., holds 25 percent.
ExxonMobil and CNOOC had tried to prevent Chevron’s entry into Stabroek by initiating arbitration, asserting their preemption rights. Preemption would have prevented Hess from selling its stake to Chevron without first offering the stake to its co-venturers. The ruling favored Chevron.
Yellowtail reached a FID (final investment decision) 2022, with ExxonMobil announcing an investment of $10 billion. Exploiting the Yellowtail and Redtail discoveries, the project consists of 26 production wells and 25 gas injection wells.
ONE GUYANA, chartered from SBM Offshore, has an oil storage capacity of two million barrels, 450 million cubic feet a day of capacity for associated gas treatment and a water injection capacity of 300,000 bpd, according to the Amsterdam-based owner.
It joins FPSOs Destiny, Prosperity and Unity. The three were initially owned by SBM Offshore but acquired by ExxonMobil in 2023 and 2024 under the companies’ Operations and Maintenance Enabling Agreement.
Oil produced from ONE GUYANA will be marketed as Golden Arrowhead crude, ExxonMobil said.
“ExxonMobil Guyana’s deepwater developments are the most successful in the world”, ExxonMobil said. “In five years, the company has started up four complex offshore mega-projects under budget and ahead of schedule – while simultaneously advancing plans for four additional projects by the end of the decade”.
The fifth development, Uaru, would add about 250,000 bpd. ExxonMobil expects the project to go online 2026. It said investment would be $12.7 billion when announcing a FID April 2023.
Tokyo-based MODEC Inc. was awarded the build and operating rights for Uaru’s FPSO Errea Wittu.
The sixth development, Whiptail, would also add around 250,000 bpd. ExxonMobil expects the project to go onstream 2027. Investment is also expected to be $12.7 billion, according to ExxonMobil’s FID announcement April 2024.
Whiptail’s FPSO Jaguar has been awarded to SBM Offshore under SBM Offshore’s Operations and Maintenance Enabling Agreement with ExxonMobil.
To contact the author, email jov.onsat@rigzone.com
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