UPDATE: CNOOC Limited has just announced that its Yellowtail Project has commenced production ahead of schedule, marking a significant milestone for the company and the oil industry in Guyana. This development is expected to elevate the region’s oil output dramatically and enhance global energy supplies.
Located in the Stabroek Block, the Yellowtail Project is positioned at a water depth of 1,600-2,000 meters. The project includes a floating production, storage, and offloading unit (FPSO) that boasts a storage capacity of 2 million barrels. With plans for 26 production wells and 25 injection wells, the project aims to achieve a production capacity of 250,000 barrels per day.
This new output will boost the total production capacity of the Stabroek Block to an impressive 900,000 barrels per day. Currently, the block is contributing approximately 650,000 barrels of crude oil daily, thanks to ongoing operations at the Liza Phase 1, Liza Phase 2, and Payara Project.
CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds a 25% interest in the Stabroek Block. The project is operated by ExxonMobil Guyana Limited, which holds a 45% interest, while Hess Guyana Exploration Ltd. holds the remaining 30% interest.
The commencement of production at Yellowtail not only strengthens CNOOC’s position in the market but also highlights Guyana’s growing significance as a major player in the global oil landscape. As energy demands continue to surge, this development could have profound implications for energy prices and supply chains worldwide.
What’s Next? Stakeholders in the oil and gas industry will be closely monitoring the project’s performance and its impact on global oil markets. The successful startup of the Yellowtail Project is expected to enhance investor confidence in Guyana’s oil sector, prompting further exploration and investment in the region.
For more information, visit CNOOC Limited’s official website at www.cnoocltd.com.
This urgent update signifies a pivotal moment in both CNOOC’s growth trajectory and Guyana’s oil production capabilities, making it a noteworthy development for industry professionals and investors alike.
