ExxonMobil Makes Final Investment Decision on Fourth Guyana Offshore Project
04 Avril 2022 - 2:30PM
Business Wire
- Government approvals received for Yellowtail project;
production to begin in 2025
- Largest project to date will add capacity of 250,000 barrels
per day
- Responsible, accelerated development drives growth of Guyana’s
workforce and economy
ExxonMobil has made a final investment decision for the
Yellowtail development offshore Guyana after receiving government
and regulatory approvals. The company’s fourth, and largest,
project in the Stabroek Block is expected to produce approximately
250,000 barrels of oil per day starting in 2025.
“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,” said Liam Mallon, president
of ExxonMobil Upstream Company. “We are working to maximize
benefits for the people of Guyana and increase global supplies
through safe and responsible development on an accelerated
schedule.”
Yellowtail production from the ONE GUYANA floating production
storage and offloading (FPSO) vessel will develop an estimated
resource of more than 900 million barrels of oil. The $10 billion
project will include six drill centers and up to 26 production and
25 injection wells.
ExxonMobil’s ongoing offshore exploration in Guyana has
discovered a recoverable resource of more than 10 billion
oil-equivalent barrels. The company anticipates up to 10 projects
on the Stabroek Block to develop this resource.
Development of projects and continued exploration success
offshore are enabling the steady advancement of Guyanese
capabilities and enhanced economic growth. More than 3,500 Guyanese
are supporting ExxonMobil’s activities in Guyana, an increase of
more than 50% since 2019. ExxonMobil and direct contractors have
spent more than $600 million with more than 880 local suppliers
since 2015. More than 3,000 Guyanese companies are registered with
the Centre for Local Business Development, which was founded by
ExxonMobil and its co-venturers in 2017 to build local business
capacity and support global competitiveness.
ExxonMobil affiliate Esso Exploration and Production Guyana
Limited is operator and holds 45% interest in the Stabroek Block.
Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum
Guyana Limited holds 25% interest.
About ExxonMobil
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, schedules, capacities, production rates, and
resource recoveries could differ materially due to: changes in
market conditions affecting the oil and gas industry or long-term
oil and gas price levels; political or regulatory developments
including obtaining necessary regulatory permits; reservoir
performance; the outcome of future exploration efforts; timely
completion of development and construction projects; technical or
operating factors; the outcome of commercial negotiations;
unexpected technological breakthroughs or challenges; and other
factors cited under the caption “Factors Affecting Future Results”
on the Investors page of our website at exxonmobil.com and under
Item 1A. Risk Factors in our annual report on Form 10-K and
quarterly reports on Form 10-Q. References to “recoverable
resources,” “oil-equivalent barrels,” and other quantifies of oil
and gas include estimated quantities that are not yet classified as
proved reserves under SEC definitions but are expected to be
ultimately recoverable. The term “project” can refer to a variety
of different activities and does not necessarily have the same
meaning as in any government payment transparency reports.
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