SEATTLE (Oil Monster): ExxonMobil Guyana declared that it has started producing oil from the offshore Yellowtail oil development. Guyana's oil production capacity has increased to above 900,000 barrels per day (bpd) with the start of production on the fourth project inside the offshore Stabroek block.
The business claims that Yellowtail's floating production, storage, and offloading vessel (FPSO) ONE GUYANA can produce up to 250,000 barrels per day. SBM Offshore's ONE GUYANA FPSO is the biggest on the Stabroek block. Up to two million barrels of crude oil can be stored there.
ALSO READ:
ExxonMobil, Qatar Energy Find New Natural Gas Deposit Off Cyprus
Exxon Plans $1.5 Billion Investment in Nigerian Oilfield
ExxonMobil's upstream president, Dan Ammann, said that Yellowtail's early launch marks a major turning point for both the company and the people of Guyana. He continued by saying that the project demonstrates the company's growing national ties and its shared dedication to inclusive, long-term growth.
With a 45% share, ExxonMobil Guyana is the largest operator on the Stabroek block. Hess Guyana Exploration and CNOOC Petroleum Guyana have 30% and 25% stakes, respectively. By 2030, the corporation hopes to increase its overall production capacity to 1.7 million barrels of oil equivalent per day.
It must be noted that Yellowtail had reached a final investment decision (FID) in 2022.
