Fourth oil production vessel to leave Guyana in Q1 of 2025

The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year.

Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd).

Hess said at the Wolfe Research Oil and Gas Conference that Yellowtail is "the exciting thing for 2025". He said that the FPSO for Yellowtail should be sailing to Guyana by the first quarter of the year, with startup later in the same year.

SBM Offshore said that in February, the One Guyana facility had been moved from the drydock to a yard near Singapore. Three topsides modules completed in China were currently in transit.

After upgrading to the third project, the Exxon-led Group will soon reach production levels of around 675,000 barrels per day.

The Yellowtail Project, approved by Guyana’s environmental regulator in 2020, will increase total production to more than 900,000 barrels per day, making Guyana Latin America’s fourth largest producer of oil after Brazil, Mexico, and Venezuela.

Hess said that he will also consider appealing the Federal Trade Commission's decision to ban him from taking a seat on the board of Chevron when Trump takes office. Hess said that Chevron and Hess had agreed on the ban in order to proceed with the merger. Gary McWilliams, Marianna Pararaga and Gary McWilliams report.

(source: Reuters)