*Guyana’s natural resources minister, Vickram Bharrat, has been cited in the local press as saying that Guyana’s national oil output will approach 1m barrels per day (bpd) following the recent arrival of a fourth floating production, storage, and offloading (FPSO) vessel to the Yellowtail development in the prolific Stabroek offshore oil block . The FPSO has been named ‘One Guyana’ and is owned by US oil firm ExxonMobil. The company expects the new unit to bring its output in Guyana to around 900,000 bpd. ExxonMobil said that the rig will have an initial production capacity of 250,000 bpd and an overall storage volume of around 2m barrels. The FPSO’s arrival was criticised by Venezuela’s government, which claims that the Stabroek block is in non-delimited international waters pending the outcome of a sovereignty dispute over the Essequibo region, which is claimed by Venezuela but lies within Guyana’s internationally recognised borders.
End of preview - This article contains approximately 150 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options
