ExxonMobil Guyana announced on Thursday that it has made a final investment decision (FID) on the Uaru development, its fifth such project offshore the South American country. Exxon is the operator of the Stabroek Block, where the project will be executed, with a 45% stake.
Uaru will push investments in projects offshore Guyana over the US$40 billion-dollar mark.
Exxon’s FID follows approval earlier in the day from Guyana’s Environmental Protection Agency.
“Our fifth, multi-billion-dollar investment in Guyana exemplifies ExxonMobil’s long-term commitment to the country’s sustained economic growth,” said Liam Mallon, president of the ExxonMobil Upstream Company. “Our Guyana investments and unrivalled development success continue to contribute to secure, reliable global energy supplies at this critical time.”
Uaru subsurface installations will be “twice as big as Yellowtail” – Hess
The $12.7 billion Uaru project will include up to 10 drill centers and 44 production and injection wells aimed at developing an estimated resource of more than 800 million barrels of oil.
MODEC is constructing the Floating Production Storage and Offloading (FPSO) vessel for the Uaru project – Errea Wittu. Exxon said it is utilizing its diversified supplier base to help reduce costs and safely accelerate development in its Guyana operations. Exxon’s Stabroek Block production outlook for sanctioned projects has now surpassed one million barrels per day (bpd). The Payara project is preparing to lift current production offshore Guyana from 380,000 bpd to 600,000 bpd. Yellowtail will start up in 2025, and Uaru in 2026.
A timeline of Exxon’s oil development projects in Guyana | OilNOW
A sixth project, Whiptail, is in the application phase.
