Guyana's oil production rose to 685 barrels per day during August

The government released data on Wednesday showing that Guyana's oil output increased from 664,000 barrels per day to 685,000 bpd in August, up from 664,000 the previous month. This was boosted by opening the fourth floating production facility in this South American nation.

The Floating Production, Storage, and Offloading facility One Guyana was delivered to a consortium led by Exxon Mobil in the United States, which controls all of Guyana's oil and gas production. This increased output beyond 900,000.

According to data and an announcement from Guyana's maritime regulator, the new facility began production on August 7 and produced an average of 75 000 barrels per day last month. It delivered its first one-million-barrel crude oil cargo for export at the end of August.

In the first eight month of this year, the nation's average oil production was 648,000 barrels per day (bpd), up from 597,000 in the same period in last year.

According to official data, the government's oil funds received $212.88 millions last month, which brings the total received this year up to $1.65billion.

Exxon announced earlier this week it had made an investment decision in favor of the group's 7th project in Guyana. The project is called Hammerhead and represents a significant step in achieving its goal to produce 1.7 million barrels equivalent of oil per day in the country by 2030. Reporting by Kemol Kings. Marianna Pararaga is the writer. Mark Potter (editing)

(source: Reuters)