Latest update November 21st, 2024 1:00 AM
Guyana’s 4th oil project is the ‘big thing’ for 2025 – Hess boss tells energy conference
John Hess, the Chief Executive Officer (CEO) of American oil company, Hess (Guyana’s 4th oil project is the ‘big thing’ for 2025)
Kaieteur News-John Hess, the Chief Executive Officer (CEO) of American oil company, Hess on Wednesday stated that the US$10 billion Yellowtail Stabroek Block project is “the exciting thing for 2025…”
According to Reuters during the Wolfe Research oil and gas conference, Hess made the comment. He said too that the Floating Production Storage and Offloading (FPSO) for Yellowtail “should be leaving the yard and sailing to Guyana in the first quarter… with the startup then later in the year.”
Hess is a 30% shareholder in the Stabroek Block co-venture. Last month, Alistair Routledge, the President of ExxonMobil Guyana Limited (EMGL) the operator of the block announced that the Yellowtail project – the largest deepwater project to date in Guyana – is on track for the 2025 startup. The third partner is CNOOC Petroleum Guyana Limited, holding 25% interest.
The Stabroek Block
The fourth project, Yellowtail, will develop the Tilapia and Redtail reservoirs. It targets a daily production rate of 250,000 barrels of oil per day (bpd), while the other developments were designed to produce up to 220,000 bpd.
The first three projects – Liza Phase 1, Liza Phase 2 and Payara are averaging more than 650,000 bpd in production.
The ExxonMobil-led consortium has plans in place to grow production capacity to more than 1.3 million bpd by the end of 2027, when they anticipate having all six projects up and running offshore. This will include the addition of the Yellowtail, Uaru and Whiptail projects. Recently, Exxon announced that it has achieved the milestone of producing 500 million barrels of oil from the block since production began in December 2019.
(Guyana’s 4th oil project is the ‘big thing’ for 2025 – Hess boss tells energy conference)
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