Guyana has welcomed its fifth and largest FPSO, the Errea Wittu, a vessel set to push the CELAC nation's oil production beyond one million barrels per day for the first time. The Ministry of Natural Resources said MODEC built the vessel for the Uaru development in the Stabroek Block, with production expected to start in September.
By LCN Wire
What did the government announce about the fifth FPSO?
The Ministry of Natural Resources said the Government of Guyana welcomes the arrival of Errea Wittu, the country's fifth and largest FPSO, which will take oil production beyond one million barrels per day. The ministry said MODEC built the vessel for the Uaru development in the Stabroek Block. Production is expected to begin in September, and the US$12.7 billion project targets more than 800 million barrels of recoverable oil, the ministry said.
Minister of Natural Resources Vickram Bharrat said the arrival marks an important chapter in Guyana's oil and gas development story. He added that the government remains committed to transparency in managing petroleum revenues and to pushing for greater local content opportunities.
BNamericas, newssourcegy.com, Guyana Standard and the Guyana Chronicle also carried the arrival, with the Chronicle publishing the full text of the ministry statement.
How much oil will Guyana produce with the new vessel?
The Department of Public Information reported that President Dr. Mohamed Irfaan Ali said the vessel set sail from Singapore in early August and will add roughly 250,000 barrels per day to national production. The DPI reported the president said the new vessel joins four FPSOs already working the Stabroek Block, namely Liza Destiny, Liza Unity, Prosperity and One Guyana, which together produce about 900,000 to 920,000 barrels per day.
The DPI reported the president said Guyana's share of Stabroek Block profit oil has increased, and that the production-sharing formula remains unchanged from the 2016 agreement. Under that formula, royalty is paid first and up to 75 per cent of production can go to cost recovery, according to the DPI. La Caribeña News examined what that formula means for who carries the cost of the vessel on 30 August.
The first million-barrel day now sits within reach for a country that pumped nothing offshore a decade ago.
Frequently Asked Questions
What is the name of Guyana's fifth FPSO?
The vessel is named Errea Wittu. The Ministry of Natural Resources described it as Guyana's fifth and largest FPSO, built by MODEC for the Uaru development.
When is first oil expected?
The Ministry of Natural Resources said the vessel is expected to commence production in September, while the DPI reported President Dr. Mohamed Irfaan Ali said first oil is targeted for the fourth quarter of 2026.
How much did the Uaru project cost?
The Ministry of Natural Resources reported the project carries a US$12.7 billion price tag and targets more than 800 million barrels of recoverable oil.