The ExxonMobil company has announced that when the recently approved Yellowtail oil development project goes into full operation offshore Guyana, it will produce approximately 250,000 barrels of oil per day from 2025.
In a statement today, the company explained that production from the third floating production storage and offloading (FPSO) vessel, “One Guyana” 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.
ExxonMobil said its ongoing offshore exploration in Guyana has discovered a recoverable resource of more than 10 billion oil-equivalent barrels and it anticipates up to 10 projects on the Stabroek Block to develop the resource.
ExxonMobil Guyana CEO Alistair Routledge said the new project further showcases the success of the partnership with Guyana.
“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” Mr. Routledge said.
He noted that the benefits for the country and its people will be big.
“We are working to maximize benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated schedule.”
The company said the 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, which represents an increase of more than 50% since 2019.