A consortium spearheaded by U.S. oil major Exxon Mobil has commenced the installation of its fourth floating oil production facility in Guyana, according to a notice issued by the South American nation's maritime regulator on Tuesday.
The floating production storage and offloading (FPSO) facility, named 'One Guyana,' constructed by SBM Offshore with a production capacity of 250,000 barrels per day, completed its voyage from Singapore, departing in mid-February and reaching Guyanese waters this week.
Upon installation, the 'One Guyana' vessel will enable the consortium to increase its total output capacity to approximately 940,000 barrels per day by the end of the current year.
The group's average daily production in 2024 was 616,000 barrels following upgrades at two of its three existing operational facilities.
The consortium anticipates the arrival of two additional vessels within the next two years.
The 'One Guyana' facility will facilitate the development of the Yellowtail and Redtail fields within the consortium's Stabroek block, which contains over 11 billion barrels of recoverable oil and gas.
The Exxon-led consortium currently controls all oil production activities in Guyana.
"Production from the Yellowtail project is expected to commence later this year following completion of installation and well activities," stated Exxon in its official release.
Exxon Mobil Corporation is a multinational oil and gas corporation headquartered in Irving, Texas. It is one of the world's largest publicly traded international oil and gas companies, engaging in exploration and production of crude oil and natural gas, manufacturing of petroleum products, and marketing and distribution of fuels and lubricants.
SBM Offshore N.V. is a Dutch-based company that provides floating production solutions for the offshore energy industry. The company designs, builds, installs, and operates Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, and other offshore infrastructure.