Exxon launches fourth oil development in Guyana’s offshore Stabroek block. 

Yellowtail’s ONE GUYANA floating production storage and offloading (FPSO) vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day. 

The ONE GUYANA is the largest FPSO on the Stabroek block to date with an initial annual average production of 250,000 bopd and a storage capacity of two million barrels. Oil produced from the FPSO will be marketed as Golden Arrowhead crude.  

By 2030, ExxonMobil Guyana expects to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.

ExxonMobil Guyana’s deepwater developments are the most successful in the world. In five years, the company has started up four complex offshore mega-projects under budget and ahead of schedule – while simultaneously advancing plans for four additional projects by the end of the decade. 

“Yellowtail’s ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana,” said Dan Ammann, president of ExxonMobil Upstream Company. “With Guyanese making up more than 67% of the country’s oil-and-gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth.”

ExxonMobil Guyana Limited operates the Stabroek block and holds a 45% interest, with Hess Guyana Exploration Ltd. holding 30%, and CNOOC Petroleum Guyana Limited holding 25%.

Today, Guyana is a major global energy player with the world’s fastest growing economy. The International Monetary Fund projects its GDP to hit nearly $26 billion (U.S.) this year – quite a jump from $4.3 billion in 2015. That figure should grow to $41 billion by 2030.

Gas development might be a further catalyst for building up 21st-century Guyana; the country’s gas discoveries could make Guyana a critical source of regional development.

/ExxonMobil/