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4th oil vessel to start production next week, 4 months ahead of schedule – Exxon CEO
The fourth FPSO, One Guyana
ExxonMobil Corporation President and Chief Executive Officer (CEO), Darren Woods
Kaieteur News – The One Guyana Floating Production Storage and Offloading (FPSO) vessel is expected to start production next week offshore Guyana in the Stabroek Block, bringing the total number of vessels producing oil here to four.
This is according to ExxonMobil Corporation’s President and Chief Executive Officer (CEO) Darren Woods. During the company’s second quarter earnings call on Friday, Woods said, “Our fourth development and the largest to date Yellowtail is next in line and anticipated to achieve first oil next week, delivered four months ahead of schedule and under budget by 2030 we expect to have total production capacity 1.7 million equivalent barrels per day from eight developments.”
In April, the government announced the arrival of the fourth FPSO in Guyanese waters. The vessel joined the Liza Destiny, Liza Unity, and Prosperity FPSOs, currently producing a combined total of about 650,000 barrels per day (bpd). With a design capacity of 250,000 bpd, One Guyana is expected to increase daily production to 900,000 bpd once operational.
One Guyana will produce oil from the Yellowtail Development. The US$10 billion project received government’s blessings on April 1, 2023. The FPSO was constructed by Dutch shipbuilder, SBM Offshore. In addition to an estimated minimum production capacity of 250,000 barrels of oil per day, the vessel has a storage capacity of approximately two million barrels.
ExxonMobil Guyana Limited (EMGL) is the operator of the Stabroek Block which spans 6.6 million acres and is estimated to hold 11.6 billion barrels of oil equivalent, according to government.
ExxonMobil Guyana holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd. (now Chevron) holds 30 per cent interest, and CNOOC Petroleum Guyana Limited holds 25 per cent interest.
In addition to the Yellowtail project, Exxon has two other sanctioned projects under its belt: Uaru and Whiptail. It has also submitted an Environmental Impact Assessment (EIA) for its seventh project, Hammerhead, with production targeted for 2029. Additionally, the company has filed an application for an eighth development, Longtail.
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