After receiving government and regulatory approvals, the US-based oil and gas company ExxonMobil said it had made a final investment decision for the Yellowtail development offshore Guyana.
The company said that its fourth and most significant project in the Stabroek Block is expected to produce approximately 250,000 barrels per day starting in 2025.
“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana and helps provide the world with another reliable energy source 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.”
The ONE GUYANA hull prepares to sail away from China for Singapore (ExxonMobil photo)
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 US$10 billion projects will include six drill centers and up to 26 production and 25 injection wells.
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.
The company said the development of projects and continued exploration success offshore enable the steady advancement of Guyanese capabilities and enhanced economic growth.
“More than 3,500 Guyanese are supporting ExxonMobil’s activities in Guyana, increasing more than 50 percent since 2019. ExxonMobil and direct contractors have spent more than US$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,” the company said in a statement.
ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds a 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. has 30 percent interest, and CNOOC Petroleum Guyana Limited holds 25 percent interest.
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