Yellowtail project enhances foundation for global energy transition
Share on facebook
Share on twitter
Share on google
Share on whatsapp
The “One Guyana” hull prepares to sail from China to Singapore
The “One Guyana” hull prepares to sail from China to Singapore

–ExxonMobil says as it makes final investment decision

BEING the largest project in the Stabroek Block offshore Guyana, ExxonMobil’s US$10 billion Yellowtail project, which was sanctioned recently by the government, possesses immense resources that could enhance the foundation for the global energy transition.

“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,” President of ExxonMobil Upstream Company, Liam Mallon, said in a press statement on Monday.

The project is expected to produce up to 250,000 barrels of oil per day after startup in late 2025, using the “One Guyana” Floating Production, Storage and Offloading (FPSO) vessel.

It will target an estimated resource base of about 900 million oil-equivalent barrels and include six drill centres and up to 26 production and 25 injection wells.

This massive project will be crucial to the global energy transition, since oil and gas is projected to account for 46 per cent of the global energy demand by 2030.

“Oil and gas are vital to an orderly energy transition,” Executive Director of the International Association of Oil & Gas Producers, Iman Hill, was reported as saying.

In her view, achieving a low-carbon future requires a profound transformation in the way stakeholders produce and use energy.

She said: “History has shown us that the introduction of new energy sources and the transitions between those energy sources takes decades. This transition will take different paths in different countries. The developing world has vastly different needs, capabilities, and economic drivers.

“We all share the same goal, and the oil-and-gas industry has the experience, skills and resources necessary to help find a balanced way forward, one which benefits society as a whole.”

In Guyana, ExxonMobil through its ongoing offshore exploration activities, 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

The oil giant is one step closer to its goal, having made its final investment decision for the Yellowtail development.

“We are working to maximise benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated schedule,” ExxonMobil said.

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 per cent since 2019.

Further, ExxonMobil and direct contractors have spent more than $600 million with more than 880 local suppliers since 2015.

Also, 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.

SHARE THIS ARTICLE :
Share on facebook
Facebook
Share on twitter
Twitter
Share on google
Google+
Share on whatsapp
WhatsApp
Share on facebook
Share on twitter
Share on google
Share on whatsapp
Scroll to Top
All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.