ExxonMobil announced a $10 billion investment decision on Monday for the Yellowtail development, the company’s fourth and the largest project in the Stabroek Block offshore Guyana.
The company said it received government and regulatory approvals for the project, which 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, the president of ExxonMobil Upstream Company.
Yellowtail production will develop an estimated resource of more than 900 million barrels of oil, the company said.
The $10-billion-project will include six drill centers and up to 26 production and 25 injection wells, it added.
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.
More than 3,500 Guyanese are supporting ExxonMobil’s activities in Guyana, an increase of more than 50% since 2019, the company said.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr