ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), expects the Yellowtail project to be instrumental in helping secure the energy transition, it said as it announced the final investment decision (FID) on Monday morning.
“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” Liam Mallon, president of ExxonMobil Upstream Company, said.
ExxonMobil, he said, is working to maximise benefits for Guyana’s people and increase global supplies through safe and responsible development on an accelerated schedule.
Yellowtail is projected to achieve first oil by 2025, producing at nameplate capacity of 250,000 barrels of oil per day utilizing the ‘One Guyana’ floating production, storage and offloading (FPSO) vessel. It targets 900 million barrels of oil.
The Guyana government announced its approval of Yellowtail with an environmental permit and a production license, paving the way for ExxonMobil and its Stabroek Block partners to make the largest investment in Guyana’s history – US$10 billion.
The project will include six drill centers and up to 26 production and 25 injection wells.
EEPGL, the Stabroek Block operator, has a 45% stake, while Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
ExxonMobil anticipates up to 10 projects will be needed to develop the Block’s 10 billion oil-equivalent barrels.
