ExxonMobil and its Stabroek Block partners, Chevron and CNOOC, have ramped up Guyana’s offshore production following the early launch of the Yellowtail deepwater project. The new site adds 250,000 barrels per day, raising the block’s total capacity to 900,000 barrels daily.

ExxonMobil Upstream president Dan Ammann called the ahead-of-schedule startup a major step for both the company and Guyana, noting that local workers make up over 67% of the industry’s workforce and more than 2,000 Guyanese businesses are involved.

Yellowtail marks the fourth large-scale offshore project in the Stabroek Block to go live in five years, all completed under budget and ahead of plan. The consortium is targeting 1.7 million barrels a day by 2030, which could place Guyana among the world’s top 15 oil producers despite its small population of around 800,000.

Production is driven by the ONE GUYANA floating production, storage, and offloading unit—Guyana’s largest so far—capable of storing two million barrels and producing 250,000 daily. Built by SBM Offshore, the vessel is currently leased, with ExxonMobil set to acquire it after the lease term.

ExxonMobil holds a 45% stake in Stabroek, Chevron 30%, and CNOOC 25%. The country has already earned $6.2 billion in oil revenues by the end of 2024, with annual income projected to reach $10 billion by 2030. Investments by the consortium have topped $55 billion to date.

Economists say the key challenge for Guyana will be managing this rapid oil wealth to ensure long-term, sustainable growth.