Guyana grants production license for Exxon consortium's fifth oil project

Kitco Media
By Reuters
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Reuters
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)

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