Exxon Mobil expects to make the final investment decision (FID) on the Whiptail oilfield project offshore Guyana by Q1 2024, reported Reuters, citing the company’s country chief, Alistair Routledge.

In August 2023, Reuters reported that Exxon and its partners plan to develop the Whiptail field with an investment of $12.93bn.

Exxon’s partners in the project include US-based Hess and China National Offshore Oil Corporation (CNOOC).

The Whiptail field is expected to boost the Exxon-led consortium’s oil production in Guyana to more than 1.2 million barrels of oil per day (bopd).

Routledge said the development plan for the Whiptail field was submitted to Guyana’s Government on 13 October 2023.

Rotledge said to local reporters at a press conference: “All the permitting process is now actively engaged.

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“It is really quite outstanding to think that within eight years of first production, Guyana could achieve over 1.2 million barrels of oil per day.”

Currently, Exxon and partners produce more than 380,000bopd from two vessels in Guyana. The partners expect to develop up to ten offshore projects in the South American country.

Exxon plans to commission a third vessel at the Payara project by 2023 end, the executive said.

Recently, Dutch company SBM Offshore was selected by ExxonMobil to provide front-end engineering and design (FEED) for a floating production, storage and offloading (FPSO) vessel for the Whiptail project.

Upon completion of the FEED studies and subject to certain conditions, SBM Offshore will build and install the FPSO.