Exxon accelerates oil, gas projects in Guyana amid high prices

By Kemol King

GEORGETOWN, March 19 (Reuters) - A new floating production facility for a consortium led by Exxon Mobil XOM.N in Guyana is "almost complete" and expected to soon depart from Singapore, part of the U.S. major's effort to accelerate the startup of oil and gas projects in one of its most important plays amid rising crude prices.

The floating production, storage and offloading (FPSO) platform Errea Wittu, being built by Japanese firm MODEC 6269.T, is the fifth to be installed by the Exxon group in the South American country. It will produce, store and deliver up to 250,000 barrels per day from the Uaru offshore project.

Exxon had previously said the output vessel would arrive in Guyanese waters this year, without further details.

The head of Exxon in Guyana, Alistair Routledge, told reporters on Thursday that currently high crude prices are expected to help the company recover costs in the country this year, earlier than in 2027 as originally forecast.

Following Uaru, Exxon is on track to start the next project, Whiptail, by the end of 2027, while trying to accelerate the startup of the seventh project, Hammerhead, for 2028, Routledge said.