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Exxon Mobil Corporation (NYSE:XOM) announced on Friday that ExxonMobil Guyana has initiated production at the Yellowtail development in the offshore Stabroek block of Guyana.
The ONE GUYANA floating production storage and offloading (FPSO) vessel started operations, joining the Destiny, Unity and Prosperity FPSOs and lifting total installed capacity in Guyana above 900,000 barrels per day.
ONE GUYANA, the largest FPSO on the Stabroek block, will average 250,000 barrels of oil per day annually and store two million barrels of crude, marketed as Golden Arrowhead.
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"Yellowtail's ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana," said Dan Ammann, president of ExxonMobil Upstream Company, highlighting that over 67% of the workforce is Guyanese and more than 2,000 local businesses are engaged.
By 2030, ExxonMobil Guyana aims to reach 1.7 million oil-equivalent barrels per day from eight deepwater projects, building on four successful offshore mega-projects completed ahead of schedule and under budget.
ExxonMobil Guyana Limited operates the Stabroek block with a 45% stake, alongside partners Hess Guyana Exploration Ltd. at 30% and CNOOC Petroleum Guyana Limited at 25%.
According to Benzinga Pro, XOM stock has lost over 9% in the past year. Investors can gain exposure to the stock via Global X Funds Global X PureCap MSCI Energy ETF (NYSE:GXPE).
Price Action: XOM shares are trading higher by 1.30% to $107.43 at last check Friday.
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