A consortium led by Exxon Mobil, a U.S.-based energy company, is preparing to install its fourth floating production storage and offloading (FPSO) facility, named One Guyana, in Guyanese waters, according to the country’s maritime regulator. The announcement was made on Tuesday.

ExxonMobil logo is seen in this illustration taken, October 6, 2023.

The One Guyana FPSO, constructed by SBM Offshore, has a production capacity of 250,000 barrels per day. The vessel departed Singapore in mid-February and arrived in Guyana this week. Once operational, it will enable the consortium to increase its production capacity to approximately 940,000 barrels per day later this year. In 2024, the group averaged 616,000 barrels per day following upgrades to two of its three existing facilities. Two additional vessels are expected to arrive in Guyana within the next two years.

The One Guyana facility will support the development of the Yellowtail and Redtail fields, located within the Stabroek block, where over 11 billion barrels of recoverable oil and gas have been identified. The Exxon-led consortium oversees all oil production activities in Guyana.

Both Exxon Mobil and Guyana’s Ministry of Natural Resources confirmed the vessel’s arrival in separate statements. LSEG shipping data indicated that on Tuesday, the One Guyana FPSO was positioned near the consortium’s three other production vessels in Guyanese waters.

Exxon Mobil stated: “Production from the Yellowtail project is expected to commence later this year following completion of installation and well activities.”

The installation of the One Guyana FPSO represents a significant step in expanding oil production capacity in Guyana, contributing to the consortium’s efforts to develop the country’s substantial offshore energy resources. The project is expected to enhance output efficiency and support the ongoing growth of Guyana’s energy sector.