LatAmOil: ExxonMobil makes FID on Yellowtail

ExxonMobil (US) has made a final investment decision (FID) on Yellowtail, its fourth development project at the Stabroek block offshore Guyana.

In a statement dated April 4, the US-based super-major said it had opted to move forward with the project after securing all necessary government and regulatory approvals for work at Yellowtail. The oilfield is due to begin production in 2025 and will eventually yield 250,000 barrels per day (bpd) of crude, making it the largest upstream initiative undertaken so far at Stabroek, the company noted.

The cost of developing Yellowtail, which is estimated to contain  925mn barrels of oil, is expected to reach $10bn. The project will involve the establishment of six drill centres and the drilling of up to 26 production wells and 25 injection wells. Development of these facilities will be supported by a floating production, storage and off-loading (FPSO) vessel that will be known as the One Guyana.