Guyana’s fifth and largest Floating Production, Storage and Offloading vessel has arrived.
The Errea Wittu vessel was built by MODEC for the Uaru development in the Stabroek Block and is expected to begin production in September, taking output beyond one million barrels of oil per day.
Minister of Natural Resources, Vickram Bharrat, said the arrival of the vessel represents an important chapter in Guyana’s oil and gas development story, according to a press release issued by the Ministry.
“With first oil expected in a matter of weeks, production is poised to cross the one-million-barrel-per-day mark. This is a major development for our country and one that brings with it greater responsibility to ensure Guyanese continue to benefit from the sector,” Minister Bharrat said.
He noted that as production increases, the Government of Guyana remains committed to transparency in the management of the country’s petroleum revenues and to ensuring Guyanese benefit from the opportunities created by the industry.
“The government will continue to disclose petroleum revenue receipts through the National Assembly, ensuring the people of Guyana are kept informed about the revenues earned from their resources.
“We will also continue to push for greater local content opportunities so that more Guyanese workers and businesses can participate in and benefit from the growth of this industry,” the Natural Resources Minister emphasised.
The Stabroek Block currently produces approximately 900,000 barrels of oil per day and is operated by ExxonMobil Guyana Limited, which holds a 45 per cent interest. Also part of the offshore concession are Chevron, with a 30 per cent stake and CNOOC Petroleum Guyana Limited, with 25 per cent.
