Sunday, June 26, 2022

TechnipFMC bags new contract for Exxon’s US$10B Yellowtail project

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French American conglomerate, TechnipFMC has been awarded a fresh contract by ExxonMobil Guyana for its fourth development in the Stabroek Block – Yellowtail.

The contract, worth between US$75 million and US$250 million, according to TechnipFMC, covers the supply of six flexible risers qualified to withstand high pressure and high-temperature conditions.

“We are thrilled that our partnership with the Stabroek Block operator continues to grow,” said TechnicFMC’s President of Subsea, Jonathan Landes. “We have an established presence in Guyana to accommodate the level of activity there and we’re committed to further developing local capabilities.”

The company has also been given full notice to proceed with the previously announced contract for the subsea production system at Yellowtail.

US$10B Yellowtail Project set to unleash a tsunami of economic benefits

TechnipFMC said it will provide project management, engineering, manufacturing, and testing capabilities for the subsea production system, which includes 51 enhanced vertical deepwater trees (EVDT) and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.

The majority of the total contract awards will be included in the company’s second quarter inbound orders.

TechnipFMC currently employs 70 Guyanese and expects to continue to hire and train additional local staff in support of these awards.

The Yellowtail development – Guyana’s fourth deepwater petroleum production project is targeting 250,000 barrels of oil per day, the largest volumes yet for a single development offshore the South American country.

At current oil price, Yellowtail Project holds GY$19.3 trillion worth of oil 

Yellowtail’s 250,000 bpd will add to the 140,000 bpd from Liza Phase 1, 220,000 bpd from Phase 2 and 220,000 bpd from Payara, ramping up total production to more than 800,000 bpd by 2025/2026.

Like the other Stabroek projects, Yellowtail will involve drilling of production wells; installation, commissioning, and operations of subsurface umbilicals, risers and flowlines (SURF); a floating production, storage and offloading vessel (FPSO) and handling and offloading of produced hydrocarbons.

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