ExxonMobil’s Chief Executive Officer, Darren Woods announced today that first oil from the ONE GUYANA floating production storage and offloading (FPSO) vessel is expected next week. The milestone will mark the start of production from the Yellowtail development, Exxon’s fourth project offshore Guyana.
“Our fourth development is the largest to date. Yellowtail is next in line and anticipated to achieve first oil next week, delivered four months ahead of schedule and under budget,” he told shareholders during the company’s second quarter earnings call.
Woods said Exxon remains in line to hit 1.7 million barrels of production by 20230.
The ONE GUYANA FPSO, built by SBM Offshore, arrived in Guyana in April. It will add 250,000 barrels of oil per day to Guyana’s production. The South American country will hit several milestones with this startup. It will become one of the top five liquid-producing countries in Latin America (LatAm). Guyana will also become the world’s largest oil producer per capita.
Beyond Yellowtail, Exxon and its partners have two additional oil projects, each with the same 250,000 b/d design capacity, slated for production between 2026 and 2028. Two more developments are currently in the application phase and are being targeted for startup between 2029 and 2030. These future projects are expected to include not only oil but also gas and condensate production, marking a diversification of the resource base as the consortium adds developments offshore Guyana.
