ExxonMobil sanctions fourth Guyana offshore project

ExxonMobil has made a final investment decision (FID) 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 about 250,000 boe/d starting in 2025.

In May 2019, the operator reported the Yellowtail-1 oil discovery, which encountered 292 ft of oil-bearing sandstone reservoir. The well was drilled to 18,445 ft in 6,046 ft of water (OGJ Online, May 6, 2019). Yellowtail-2 encountered 69 ft of net pay in a newly identified, high-quality oil-bearing reservoirs among the original Yellowtail-1 discovery intervals.

Yellowtail production from the ONE GUYANA floating production storage and offloading (FPSO) vessel will develop an estimated resource of more than 900 million bbl of oil. The $10-billion project will include six drill centers and up to 26 production wells and 25 injection wells.

ExxonMobil’s ongoing offshore exploration in Guyana has discovered a recoverable resource of more than 10 billion boe.

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. is operator and holds 45% interest in the block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Ltd. holds 25% interest.