Guyana's Oil Boom: The Rise of 'Golden Arrowhead' Crude
Guyana's fourth oil production facility, 'One Guyana,' is poised to export its first crude cargo, 'Golden Arrowhead,' by early September. The consortium led by Exxon, Hess, and CNOOC will boost output capacity to over 900,000 bpd. Guyana's oil exports have surged, positioning it as a major Latin American exporter.
The first crude cargo from Guyana's new oil production facility is set to be exported by early September, according to the government. This facility, operated by a consortium of Exxon Mobil, Hess, and China's CNOOC, marks a significant expansion in Guyana's oil capabilities.
The floating facility, named One Guyana and developed by SBM Offshore, is preparing to launch new crude production, which will increase output to over 900,000 barrels per day. The cargo, of a new grade called 'Golden Arrowhead,' will comprise 1 million barrels from offshore fields Yellowtail and Redtail.
Despite its nascent oil industry, Guyana has quickly become a major exporter in Latin America, bolstering exports 54% last year amid high demand. As capacity grows, Guyana's status as a key player in the oil sector is solidifying, with expectations to reach 1.7 million bpd by 2030.
(With inputs from agencies.)
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