Guyana’s daily oil production is set to increase by 37% with the imminent startup of its fourth offshore development, the Yellowtail project, operated by ExxonMobil. The project will add 250,000 barrels per day (bpd) to national output, raising production from June’s estimate of 664,000 bpd to over 900,000 bpd.
ExxonMobil CEO Darren Woods made the announcement during the company’s second-quarter earnings call on August 1, confirming that the Yellowtail development is on track to achieve first oil next week.
“Our fourth development is the largest to date. Yellowtail is next in line and anticipated to achieve first oil next week, delivered four months ahead of schedule and under budget,” Woods said.
The project is being brought online through the ONE GUYANA floating production, storage and offloading (FPSO) vessel, which was built by SBM Offshore. The Dutch company has now delivered multiple FPSOs for Guyana’s offshore developments, consistently ahead of schedule.
Yellowtail will mark a major milestone not only for Guyana but also for the region. With its startup, Guyana will become the world’s largest oil producer per capita.
ExxonMobil operates the Stabroek Block with a 45% stake, while Chevron, following its acquisition of Hess, holds 30%, and CNOOC owns 25%. Together, the consortium has driven a rapid scale-up of oil production offshore Guyana since first oil in 2019.
Yellowtail is the fourth project in this series. Three prior developments — Liza Phase 1, Liza Phase 2, and Payara — are currently producing. Two more 250,000 bpd developments are expected to begin production between 2026 and 2028, while another two are undergoing the application process with potential startup between 2029 and 2030. These future projects are expected to broaden the production space beyond oil, to include natural gas and condensate.
ExxonMobil Guyana has been a notable contributor to global oil supply growth in recent years. With the addition of Yellowtail, CEO Darren Woods said the company remains on track to help bring production in Guyana to 1.7 million bpd by 2030. DPI
