The Government of Guyana, through the Ministry of Natural Resources, welcomes the arrival of Errea Wittu, Guyana’s fifth and largest Floating Production, Storage and Offloading (FPSO) vessel, which will take oil production beyond one million barrels per day.
Constructed by MODEC for the Uaru development in the Stabroek Block, the Errea Wittu is expected to commence production in September. The US$12.7 billion project targets more than 800 million barrels of recoverable oil.
Minister of Natural Resources, Hon. Vickram Bharrat, said the arrival of the vessel represents an important chapter in Guyana’s oil and gas development story.
“With first oil expected in a matter of weeks, production is poised to cross the one-million-barrel-per-day mark. This is a major development for our country and one that brings with it greater responsibility to ensure Guyanese continue to benefit from the sector,” Minister Bharrat said.
The minister noted that as production increases, the Government of Guyana remains committed to transparency in the management of the country’s petroleum revenues and to ensuring Guyanese benefit from the opportunities created by the industry.
“The government will continue to disclose petroleum revenue receipts through the National Assembly, ensuring the people of Guyana are kept informed about the revenues earned from their resources.
“We will also continue to push for greater local content opportunities so that more Guyanese workers and businesses can participate in and benefit from the growth of this industry,” the Natural Resources Minister emphasised.
The Stabroek Block currently produces approximately 900,000 barrels of oil per day and is operated by ExxonMobil Guyana Limited, which holds a 45 per cent interest. Also part of the offshore concession are Chevron, with a 30 per cent stake and CNOOC Petroleum Guyana Limited, with 25 per cent.
