Exxon begins production on its fourth floating oil tanker in Guyana

Exxon Mobil said that a consortium led by it began production on a fourth floating vessel, which is a production, storage, and offloading vessel, at the Stabroek Block, in Guyana, on Friday. This brings the total production capacity of the oilfield up to more than 900,000 bbls per day. One Guyana, the floating vessel that the joint venture uses to reach its goal of 1.7 millions barrels of oil-equivalent per day from the block by 2030 is a major step towards the target. This block has been one of the most profitable oil discoveries of recent years and the profits have skyrocketed. Chevron acquired Hess in July, which owned a 30% stake, after winning a long legal battle against Exxon over access to the block. Since 2015, more than 11 billion barrels worth of recoverable oil have been discovered.

Now, the U.S. oil company is a joint venture partner with Exxon and China’s CNOOC. Each holds a 25% stake. The vessel will allow the consortium to develop the Yellowtail, Redtail, and all other oil fields in Guyana. Exxon announced that oil produced by One Guyana would be sold as Golden Arrowhead crude.

Exxon said that the start-up date of One Guyana was four months earlier than expected.

(source: Reuters)