Guyana Gears Up for Oil Boom with New FPSO Facility

Guyana's fourth FPSO, called One Guyana, is set to leave for South America early next year. This facility, part of the Yellowtail project led by Exxon Mobil, aims to enhance production by 250,000 barrels per day. Upon its completion, Guyana could become Latin America's fourth largest oil producer.

Guyana's oil industry is poised for a significant boost as the country prepares to welcome its fourth floating production storage and offloading (FPSO) facility in the coming year. Named One Guyana, this facility is expected to leave for the South American nation in the first quarter of 2024, according to Hess Corporation's CEO, John Hess.

The Yellowtail project, spearheaded by Exxon Mobil, Hess, and CNOOC, aims to add 250,000 barrels per day (bpd) to the consortium's output by 2026. Hess expressed his excitement about the FPSO's imminent deployment at the Wolfe Research oil and gas conference, highlighting its pivotal role in bolstering production.

Approved by Guyana's environmental regulator in 2022, the Yellowtail project could elevate the country's production to over 900,000 bpd. This marks a potential milestone, turning Guyana into one of Latin America's top oil producers alongside Brazil, Mexico, and Venezuela.

(With inputs from agencies.)