An Exxon Mobil-led consortium has begun production at its fourth floating production, storage, and offloading (FPSO) vessel in Guyana’s Stabroek Block, lifting total output capacity from the field to over 900,000 barrels of oil per day. The new vessel, named One Guyana, marks another step toward the joint venture’s goal of reaching 1.7 million barrels of oil equivalent per day by 2030 from the prolific offshore block, which ranks among the largest oil discoveries in recent years.
The launch comes after Chevron completed its acquisition of Hess in July, securing Hess’s 30% stake in the consortium following a prolonged legal dispute with Exxon over access to the block. Since the first discovery in 2015, more than 11 billion barrels of recoverable oil and gas have been identified in the Stabroek Block. The partnership now consists of Exxon Mobil, Chevron, and China’s CNOOC, which holds a 25% stake.
The One Guyana vessel will support the development of the Yellowtail and Redtail fields within the block. Oil from the vessel will be marketed as Golden Arrowhead crude, named after Guyana’s national flag. The addition of this production capacity further cements the consortium’s control over all oil output in the South American nation, which has become a significant player in the global energy market.
Exxon noted that the start-up of One Guyana was achieved four months ahead of schedule, underscoring the pace at which the consortium is developing the resource. The accelerated timeline reflects the partners’ push to maximize output from the high-yield block, which has been a key driver of soaring profits for the joint venture.