In September, Guyana produced a record 740,000 barrels of oil per day (bpd), which was 70,000 more barrels than it did before the new One Guyana oil production vessel went into operation.

The One Guyana FPSO started production in the Yellowtail Field within the Stabroek Block on August 8, and has the capacity to produce approximately 250,000 barrels of oil per day.

President of ExxonMobil Guyana, Alistair Routledge said the Yellowtail Project commenced production four months ahead of schedule, and within the first 30 days, gas was injected into the reservoir.  

Routledge said the Environmental Protection Agency (EPA) was notified that all gas system commissioning activities have been concluded, and the company would be moving to ramp up production.

“Now what we are focused on is the final preparation in order to be able to increase the production to the full plateau rate. The Ministry of Natural Resources would shortly be releasing the September production data but we are already producing over 740,000 barrels per day in September. So, while on the path towards the 900,000 barrels per day, that we anticipate that we will be producing by the end of this year. So, tremendous progress,” Routledge said.

Once the One Guyana FPSO is in full operation, Guyana’s total daily crude output is expected to surpass 900,000 barrels per day. The previous combined average across the three other FPSOs was 670,000 barrels of oil per day.

Routledge said Exxon and its co-venturers – Hess Corporation and CNOOC – are also pleased to move ahead with the Hammerhead Project.

The Government, in late September, approved the 7^th Petroleum Production License for the development of the Hammerhead oil field in the Stabroek Block.  The development is located in the south-western portion of the Stabroek Block offshore Guyana and targets the Hammerhead reservoir, which was discovered in 2018.

The issuance of the production license means Exxon and its partners have secured their Environmental Permit having successfully completed the Environmental Impact Assessment (EIA), and have had both their development and production plans approved by the Government.

“So, I am delighted to announce that that project is moving forward now. It is another almost US$7B investment in the country taking our accumulative commitment to well in excess of US$60B – huge investment in the country,” Routledge said.

The project is estimated to be online by 2029 and will increase Guyana’s capacity to 1.5 million barrels of oil per day. 2029 will mark 10 years of oil production for Guyana.

Meanwhile, the Stabroek Block operators are also now focused on the Longtail Project. The EIA, according to the ExxonMobil Guyana President, is currently being done, with consultations completed.

Routledge said the study is expected to be concluded by 2026, following which Exxon will put forward its developmental plan to the Government for approval.

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