The US$12.7 billion Whiptail development is targeting an estimated resource base of more than 850 million barrels of oil, Hess Corporation said. The project will utilize the Jaguar floating production, storage and offloading (FPSO) vessel, to be delivered by SBM Offshore. It will include up to 10 drill centers and 48 production and injection wells.
Of the six oil developments sanctioned by ExxonMobil for the Stabroek Block offshore Guyana, Whiptail’s resource base is second in size only to the Yellowtail project, which is estimated to hold 925 million barrels. The Uaru project, approved last year, is targeting an estimated resource base of 800 million barrels.
Hess, a 30% stakeholder in Whiptail, announced its final investment decision (FID) in the project, the sixth for the license area. Exxon, the operator with a 45% stake, also announced its FID.
“We are excited to sanction Whiptail, our sixth oil development on the Stabroek Block, and remain on track to have six FPSOs online by the end of 2027 with a total gross production capacity of approximately 1.3 million barrels of oil per day,” Chief Executive Officer (CEO) John Hess said. “We are proud to work with the Government of Guyana to realize the remarkable potential of this world class resource for the benefit of all stakeholders. The world will need these vital oil resources to meet future energy demand and help ensure an affordable, just and secure energy transition.”
Guyana’s Ministry of Natural Resources said it issued a petroleum production license for the project. The Environmental Protection Agency (EPA) is also expected to announce the issuance of an environmental permit for the project.
Whiptail is expected to begin oil production by the end of 2027, ramping up to approximately 250,000 barrels of oil per day.
Three developments on the Stabroek Block, produced 626,000 barrels of oil per day (b/d) in February. The fourth and fifth developments, Yellowtail and Uaru, are in progress with production startup targeted for 2025 and 2026 respectively. Each will have a gross production capacity of approximately 250,000 barrels of oil per day.
The Stabroek Block is 6.6 million acres. ExxonMobil Guyana Limited is the operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.
