Yellowtail Project Enhances Foundation For Global Energy Transition

• Being the largest project in the Stabroek Block offshore Guyana, ExxonMobil’s US$10 billion Yellowtail project, which was sanctioned recently by the government, possesses immense resources that could enhance the foundation for the global energy transition. 
• Yellowtail’s development demonstrates the successful partnership between ExxonMobil and Guyana. President of ExxonMobil Upstream Company, Liam Mallon explains that this development “helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition.” 
• The project is expected to produce up to 250,000 barrels of oil per day after startup in late 2025, using the “One Guyana” Floating Production, Storage, and Offloading (FPSO) vessel. This massive project will be crucial to the global energy transition since ‘oil and gas’ is projected to account for 46% of the global energy demand by 2030. 
• In Guyana, ExxonMobil through its ongoing offshore exploration activities has discovered a recoverable resource of more than 10 billion oil-equivalent barrels. The company anticipates up to 10 projects on the Stabroek Block to develop this resource. ExxonMobil is working to maximise benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated schedule. 
• Guyana continues to position itself as a key producer in the oil and gas industry, with the capacity to cushion some of the supply shortfalls on the global market. As such, the industry will continue to contribute to the country's revenue, investment opportunities, and economic growth.

(Source: Guyana Chronicle)