LatAmOil: Hess, ExxonMobil optimistic about Yellowtail project

ExxonMobil and Hess both expect to move forward quickly with preparations for oil production at Yellowtail, the fourth section of the Stabroek block offshore Guyana slated for development.

John Hess, the CEO of the US-based independent Hess, noted last week that Guyana’s government was on track to finish evaluating ExxonMobil’s request for permission to develop Yellowtail before the end of the year. He also described President Irfaan Ali and members of the current administration as “very pro-business” and eager to move hydrocarbon projects forward.

Hess was speaking shortly after Mike Ryan, ExxonMobil Guyana’s production manager, reported that his company had already drawn up a schedule for work on Yellowtail. ExxonMobil Guyana and its partners aim to select an engineering, procurement and construction (EPC) contractor in September or October of this year and then make a final investment decision (FID) in the fourth quarter, he said. Development drilling will begin in the first quarter of 2024, and production will start in the final quarter of 2025, he stated.