Guyana’s Minister of natural Resources (MNR), Vickram Bharrat, on Monday participated and delivered remarks at a virtual stakeholder meeting to officially commence the review of the Yellowtail Field Development Plan (FDP).
ExxonMobil affiliate Esso Exploration & Production Guyana Limited (EEPGL) submitted an application for a Petroleum Production Licence on October 4 for the Yellowtail Development along with its associated Development Proposal which is generally referred to as a Field Development Plan (FDP).
Guyana working to secure up to US$2 billion insurance from Exxon for Yellowtail project
Prior to this stage, the Ministry of Natural Resources and the Guyana Geology and Mines Commission (GGMC) held five engagements with Exxon over the past nine months on the Yellowtail Development. These engagements, however, were not a preapproval method, hence, the MNR said it is tasked with ensuring that the FDP is “diligently reviewed and assessed for alignment with the requirements of the Petroleum (Exploration and Production) Act and Regulations, good international oilfield practice, and all other applicable protocols, practices, and methodologies.”
Yellowtail is Guyana’s largest offshore project to date, targeting around 250,000 barrels of oil per day (bpd). Approximately 41 to 67 development wells will be drilled from six drill centers, each with separate production, gas re-injection, and water injection manifolds. According to the preliminary field layout for the Project facilities, this includes representative development wells, subsea umbilicals, risers and flowlines (SURF), and a spread moored floating production storage and offloading (FPSO) unit.
Giant Yellowtail project to cost over GY$1.8 trillion
When the project comes online in 2025 it will add to the 120,000 bpd from Liza Phase 1, 220,000 bpd from Phase 2 of the Liza Development and 220,000 bpd from Payara, ramping up total production to more than 800,000 bpd.
