ExxonMobil starts Yellowtail oil project in Guyana four months ahead of schedule
ExxonMobil Guyana has commenced production at its Yellowtail development — the company’s fourth offshore oil project in the prolific Stabroek Block — marking a major milestone in the South American nation’s rapid rise as an oil producer.
The floating production, storage and offloading vessel (FPSO) ONE GUYANA will deliver an initial average of 250,000 barrels per day of oil, with storage capacity for 2 million barrels.
With this addition, Guyana’s total installed production capacity now exceeds 900,000 barrels per day, moving closer to ExxonMobil’s goal of reaching 1.7 million barrels of oil equivalent per day by 2030.
Yellowtail is the largest development yet in the Stabroek portfolio, and its start-up comes four months earlier than planned. ExxonMobil Guyana has now delivered four major offshore projects in just five years, all under budget and ahead of schedule.
Dan Ammann, President of ExxonMobil Upstream Company, described the early start as “a significant milestone for ExxonMobil and the people of Guyana”, noting that more than 67% of the workforce is now Guyanese and over 2,000 local businesses are engaged in the sector.
ExxonMobil operates the Stabroek Block with a 45% stake, alongside Hess Guyana Exploration Ltd. (30%) and CNOOC Petroleum Guyana Ltd. (25%).
In July, Chevron completed its acquisition of Hess — including its Stabroek interest — following a legal dispute and arbitration, making Chevron Exxon’s newest partner in the block.
The ONE GUYANA FPSO will produce high-quality light crude under the “Golden Arrowhead” brand, aimed at global export markets. ExxonMobil plans four more projects by 2030 — Errea Wittu, Jaguar, Hammerhead and Longtail — which will further expand Guyana’s output.
Since first oil in 2019, Guyana’s production has surged to near one million barrels per day, transforming its economy and making it one of the fastest-growing oil producers globally. The Stabroek Block is estimated to hold over 11 billion barrels of recoverable resources, ranking among the world’s most significant oil finds in recent decades.
