A consortium led by U.S. oil major Exxon Mobil is about to begin installing its fourth floating oil production facility in Guyana, the South American country's maritime regulator said in a notice on Tuesday.
The floating production storage and offloading (FPSO) facility 'One Guyana,' built by SBM Offshore with a 250,000 barrel-per-day capacity, departed Singapore in mid-February and arrived in Guyanese waters this week.
Once installed, the vessel will allow the consortium to boost output capacity to some 940,000 bpd later this year. The group produced an average of 616,000 bpd in 2024 after upgrades at two of its three operational facilities. Two more vessels are expected to arrive in Guyana in the coming two years.
One Guyana will allow the Exxon-led consortium, which controls all production in the country, to develop the Yellowtail and Redtail fields, which are part of its massive Stabroek block, where more than 11 billion barrels of recoverable oil and gas have been found.
Exxon and Guyana's Natural Resources ministry confirmed the vessel's arrival in separate statements. On Tuesday, the floating facility was near Exxon's three other production vessels, according to LSEG shipping data.
"Production from the Yellowtail project is expected to commence later this year following completion of installation and well activities," Exxon said in its release.
(Reuters - Reporting by Kemol King, writing by Marianna Parraga; additional reporting by Sheila Dang; Editing by Nia Williams)