October 14, 2024
Guyana’s next major oil development, the Yellowtail project, is progressing as planned, with production set to begin in the second quarter of 2025.
This $10 billion project will develop the Redtail and Tilapia reservoirs, marking Guyana’s fourth offshore oil venture.
ExxonMobil Guyana President, Alistair Routledge, confirmed that the Floating Production Storage and Offloading (FPSO) unit, named “One Guyana,” is being finalized in Singapore.
Routledge mentioned that all modules for the FPSO have been fabricated and integrated, with the completion expected by the end of the year.
A naming ceremony is anticipated in January, with the FPSO set to sail to Guyana in the first quarter of 2025, arriving in the second quarter.
The Yellowtail project is expected to begin with a production rate of 250,000 barrels of oil per day.
Additionally, ExxonMobil is on track with its other offshore developments, including the Uaru and Whiptail projects, both scheduled for startup in 2027, with a combined investment of $12.7 billion for each project.
With a total investment of $55 billion across six projects, including the operational Liza Phase 1 and 2 and Payara projects, ExxonMobil continues to solidify its presence in Guyana’s growing oil sector.