Exxon’s fast-tracked vessel pushes oil targets forward

An Exxon Mobil-led consortium began production at a fourth floating production, storage and offloading vessel at the Stabroek Block in Guyana, bringing total capacity from the oilfield to over 900,000 barrels of oil per day, Exxon said.

Image credit: Raymond Kotewicz on Unsplash

The floating vessel named One Guyana brings the joint venture a step closer to its target of 1.7 million barrels of oil equivalent per day by 2030 from the prolific block, one of the largest oil discoveries in years, which has driven soaring profits for the joint venture.

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Chevron closed its acquisition of Hess, which held a 30% stake in the consortium, in July after prevailing in a lengthy legal battle with Exxon that centred on access to the block, where more than 11 billion barrels of recoverable oil and gas have been found since 2015.

The US oil producer is now a partner alongside Exxon and China's CNOOC, which holds a 25% stake.

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The vessel allows the consortium, which controls all oil output in Guyana, to develop the Yellowtail and Redtail fields. Oil produced from One Guyana will be marketed as Golden Arrowhead crude, Exxon said.

The start-up of One Guyana is four months ahead of schedule, Exxon added.