GEORGETOWN, April 28 (Reuters) - Guyana's government on
Friday announced it approved a production license for a
consortium led by Exxon Mobil to develop its fifth and
most expensive oil project in the country, Uaru, the Natural
Resources ministry said.
The 20-year license came after Guyana's environmental agency
authorized the $12.7 billion project. A field development plan
also was approved, and the Exxon consortium gave its formal
investment greenlight.
Uaru is expected to be developed through a total of 44
wells. An output facility for the offshore project, the new
floating production storage and offloading (FPSO) vessel Errea
Wittu to be built by Japan's Modec Inc, will produce about
250,000 barrels per day (bpd) at its peak.
First oil from Uaru is expected to come by the second
quarter of 2027, boosting Guyana's overall oil production to
some 1.1 million bpd. The Exxon consortium, which includes
U.S.-based Hess and China's CNOOC controls the
country's entire oil production with more than 30 discoveries to
date.
(Reporting by Kiana Wilburg, writing by Marianna Parraga)
Messaging: @mariannaparraga))
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