The ONE Guyana floating production, storage and offloading (FPSO) has arrived in Guyana’s Stabroek block, in preparation to begin operations in the ExxonMobil-operated Yellowtail field. The vessel joins the Liza Destiny, Liza Unity, and Prosperity as the fourth FPSO in Guyana's most prolific block, which is home to more than 11 billion bbl of recoverable oil.
Built by SBM Offshore, One Guyana entered drydock at Singapore’s Keppel yard in 2023, and has since undergone advanced construction and outfitting, including the installation of mooring structures and riser balconies.
With an overall storage volume of 2 million bbl and a processing capacity of 250,000 B/D of oil and 450 MMcf/D of natural gas, One Guyana is expected to boost output in the country to 940,000 B/D.
ExxonMobil is producing 650,000 B/D in Guyana via its existing fleet of FPSOs in the Liza and Payara fields. One Guyana will allow Exxon, which controls all offshore production in the country, to develop the Yellowtail and Redtail fields. Production from the Yellowtail project is expected to begin later this year following the completion of installation and well activities.
After One Guyana, the supermajor will deploy the Errea Wittu and Jaguar FPSOs in the Uaru and Whiptail developments, also in the Stabroek block. Whiptail is expected to begin production in 2027.
ExxonMobil is also seeking approval for its seventh and eighth projects—Hammerhead and Longtail—that are expected to enter operation in Guyana in 2029 and 2030. By the end of the decade, the company projects production will more than double to 1.3 million B/D with a capacity ceiling of 1.7 million B/D.
December 2024 marked 5 years of Exxon production in Guyana. Since ExxonMobil announced first oil at its Liza Phase 1 project in 2019, Guyana has become the third- largest oil producer in the world on a per capita basis.
The Houston-based supermajor's Guyanese projects are considered among the world's most successful and efficient with an estimated breakeven cost below $30/bbl—lower than ExxonMobil's Permian Basin cost of supply. The FPSOs also have a smaller emissions footprint than 75% of global oil and gas-producing assets, according to ExxonMobil.
“Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, cost, and environmental performance is built on close collaboration with the government of Guyana, as well as our coventurers, suppliers, and contractors,” Alistair Routledge, ExxonMobil Guyana president, said in a prior press statement.
ExxonMobil operates the Stabroek block with a 45% interest. Hess Corp. holds 30% interest, and CNOOC Petroleum holds the remaining 25% interest.
