ExxonMobil Makes Final Investment Decision on Fourth Guyana Offshore Project
Government approvals received for Yellowtail project; production to begin in 2025
Largest project to date will add capacity of 250,000 barrels per day
Responsible, accelerated development drives growth of Guyana’s workforce and economy
ExxonMobil has made a final investment decision for the Yellowtail development offshore Guyana after receiving government and regulatory approvals. The company’s fourth, and largest, project in the Stabroek Block is expected to produce approximately 250,000 barrels of oil per day starting in 2025.
Latest Aithority Insights : Red Hat Adds Common Criteria Certification for Red Hat Enterprise Linux 8
“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition”
“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” said Liam Mallon, president of ExxonMobil Upstream Company. “We are working to maximize benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated schedule.”
Yellowtail production from the ONE GUYANA floating production storage and offloading (FPSO) vessel will develop an estimated resource of more than 900 million barrels of oil. The $10 billion project will include six drill centers and up to 26 production and 25 injection wells.
Browse The Complete News About Aithority: Arturo Expands Offering with an Intelligent Portfolio-Level Risk Engine
ExxonMobil’s ongoing offshore exploration in Guyana has discovered a recoverable resource of more than 10 billion oil-equivalent barrels. The company anticipates up to 10 projects on the Stabroek Block to develop this resource.
Development of projects and continued exploration success offshore are enabling the steady advancement of Guyanese capabilities and enhanced economic growth. More than 3,500 Guyanese are supporting ExxonMobil’s activities in Guyana, an increase of more than 50% since 2019. ExxonMobil and direct contractors have spent more than $600 million with more than 880 local suppliers since 2015. More than 3,000 Guyanese companies are registered with the Centre for Local Business Development, which was founded by ExxonMobil and its co-venturers in 2017 to build local business capacity and support global competitiveness.
ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
Read More About Aithority News : Mastercard Strengthens Consumer Engagement Services With Close of Dynamic Yield Acquisition
[To share your insights with us, please write to email@example.com]