GEORGETOWN (Reuters) -An Exxon Mobil-led consortium began production at a fourth floating production, storage and offloading vessel at the Stabroek Block in Guyana on Friday, bringing total capacity from the oilfield to over 900,000 barrels of oil per day, Exxon said. The floating vessel named One Guyana brings the joint venture a step closer to […]
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Exxon starts production at fourth floating oil vessel in Guyana
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GEORGETOWN (Reuters) -An Exxon Mobil-led consortium began production at a fourth floating production, storage and offloading vessel at the Stabroek Block in Guyana on Friday, bringing total capacity from the oilfield to over 900,000 barrels of oil per day, Exxon said.
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 biggest oil discoveries in years that has driven soaring profits for the joint venture.
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 centered on access to the block, where more than 11 billion barrels of recoverable oil and gas have been found since 2015.
The U.S. oil producer is now a partner alongside Exxon and China’s CNOOC, which holds 25%.
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.
(Reporting by Kemol King in Georgetown; writing by Sheila Dang; Editing by Franklin Paul)