ExxonMobil Speeds Up Guyana Oil and Gas Projects Amid Surging Prices

ExxonMobil speeds up its Guyana offshore projects, including the "almost complete" Errea Wittu FPSO, to capitalize on crude prices hitting $119 per barrel.

By: AXL Media

Published: Mar 19, 2026, 12:12 PM EDT

Source: Reuters

Accelerating the Errea Wittu and Uaru Project

The Errea Wittu is a Floating Production, Storage, and Offloading (FPSO) vessel being constructed by the Japanese firm MODEC. Once it arrives in Guyanese waters later this year, it will become the operational heart of the Uaru offshore project.

Production Capacity: The vessel is designed to deliver up to 250,000 barrels per day.

Deployment Timeline: ExxonMobil confirmed the vessel is nearing completion in Singapore, marking a significant step in the consortium’s rapid-scale strategy in the South American country.

Fiscal Recovery and Future Project Timelines

Alistair Routledge, head of ExxonMobil in Guyana, noted that the favorable price environment is fundamentally shifting the project’s financial trajectory.