Exxon Flags Huge Profit Jump

U.S. supermajor ExxonMobil has made a final investment decision for the Yellowtail development offshore Guyana after receiving government and regulatory approvals.

This will be the company’s fourth, and largest, project in the Stabroek Block. It is expected to produce approximately 250,000 barrels of oil per day starting in 2025. To remind, the project received environmental clearance by Guyanese authorities late last week.

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 $10 billion project will include six drill centers and up to 26 production and 25 injection wells – up to 67 development wells in total.

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.

Development of projects and continued exploration success offshore are enabling the steady advancement of Guyanese capabilities and enhanced economic growth. More than 3,500 Guyanese are supporting ExxonMobil’s activities in Guyana, an increase of more than 50% since 2019.

The company and direct contractors have spent more than $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.

Currently, the company is producing oil via the FPSO Liza Unity with the first oil being produced on February 11, 2022, and the Liza Destiny FPSO which started production in December 2019.

Payara, the third project in the Stabroek Block, is projected to produce approximately 220,000 barrels of oil per day using the Prosperity FPSO vessel, which is currently under construction.

Recently, the construction of the Prosperity FPSO hit a new milestone as it left dry dock in Singapore. The second Fast4Ward FPSO built by SBM Offshore has in February moved to the quayside for the topside integration phase.

ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest in the Stabroek Block. Hess holds 30% while CNOOC holds the remaining 25% interest.

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