Latest update March 21st, 2025 7:03 AM
Latest News
Yellowtail Project to cost US$10 billion – Natural Resources Minister says
Kaieteur News – Natural Resources Minister, Vickram Bharrat disclosed yesterday that the Government of Guyana and Esso Exploration and Production Guyana Limited (EEPGL) signed the Petroleum Production License (PPL) for ExxonMobil’s fourth project called Yellowtail which will cost US$10B. It is important to note that this cost is recoverable by EEPGL, ExxonMobil’s subsidiary.
Natural Resources Minister, Vickram Bharrat
Bharrat said the project in the Stabroek Block is expected to produce up to 250,000 barrels of oil per day after startup in late 2025, using the ‘One Guyana’ floating production, storage and offloading (FPSO) vessel. He said the US$10 billion development project will target an estimated resource base of about 900 million oil-equivalent barrels while adding that this is now the largest single investment in the history of Guyana.
Prior to the approval, he reminded that the Government of Guyana contracted Bayphase Oil and Gas Consultants. He also revealed that the government also hired the Redford Group headed by Ms. Alison Redford and a team of technical experts to review the Yellowtail Development Plan in keeping with internationally recognised standards within the oil and gas industry.
Most importantly, he said the team of technical experts assessed the project to ensure that all relevant regulations are complied with and that they can be enforced. Minister Bharrat said this included environmental standards and reservoir management for the sustainable and responsible operation of the project, in conformity with the best international standards and environmental safeguards associated with a project of such magnitude.
Minister Bharrat was keen to note that the government and its regulatory agencies are satisfied with all the reviews and long hours invested by both local and international experts to finally have a licensing agreement for the Yellowtail Project, which will benefit all Guyanese, thereby realizing the ‘One Guyana’ vision.
Additionally, he said this project will build on the recently sanctioned local content legislation for each stage of the project as it relates to workforce development, supplier development, and overall strategic investment.
The Government of Guyana he reminded, remains committed to managing and extracting Guyana’s oil and gas resources sustainably in keeping with internationally recognized acceptable environmental standards and transparency.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
“One Guyana” is no less a national slogan than “Green Guyana”
Kaieteur News- The notion that “One Guyana” is a partisan slogan is pure poppycock. It is a desperate fiction... more
If Guyana’s President Ali is the “Zelensky of the Caribbean”, who is the Putin?
Antigua and Barbuda’s Ambassador to the US and the OAS, Ronald Sanders By Sir Ronald Sanders Kaieteur News- In the latest... more
Weekend Cartoon
