Exxon begins operations at Guyana’s fourth floating oil vessel

By starting production at a fourth floating production, storage, and offloading vessel at the Stabroek Block in Guyana on Friday, a new tab consortium led by Exxon Mobil (XOM.N) increased the oilfield’s daily capacity to over 900,000 barrels, according to Exxon.

With One Guyana, a floating vessel, the joint venture is one step closer to its goal of producing 1.7 million barrels of oil equivalent per day by 2030 from the productive block, one of the largest oil finds in recent years that has resulted in skyrocketing partnership earnings.

In July, Chevron concluded its acquisition of Hess, which owned 30% of the consortium, after winning a protracted legal struggle with Exxon over access to the block, where more than 11 billion barrels of recoverable gas and oil had been discovered since 2015.

Joining the U.S. oil giant as a partner are China’s CNOOC, which owns 25%, and Exxon.

The ship permits the development of the Yellowtail and Redtail fields by the consortium, which is in charge of all Guyana’s oil production. Exxon stated that the oil produced from One Guyana will be sold under the name Golden Arrowhead crude.

Exxon stated that One Guyana is starting up four months ahead of plan.