The fourth floating production storage and offloading (FPSO) facility is expected to depart for the South American country in the first quarter of 2025, said John Hess, CEO of US oil producer Hess Corporation, during the Wolfe Research oil and gas conference on Wednesday.

The firm expects the facility to add output capacity of 250,000 barrels per day (bbl/d) by 2026 through its fourth project, Yellowtail.

“The exciting thing for 2025 is Yellowtail,” said Hess, adding that FPSO for Yellowtail: “should be leaving the yard and sailing to Guyana in the first quarter… with the startup then later in the year.”

According to SBM Offshore, the builder of the FPSO, the facility, named One Guyana, moved from drydock to a yard in Singapore for completion. The three topside modules, which were constructed in China, are currently in transit to be integrated into the FPSO.

The Exxon Mobil-led group, which includes Hess and China’s CNOOC, has been responsible for oil production in Guyana since 2019.  The group is on track to reach a production level of approximately 675,000 bbl/d following upgrades to its third project.

The Yellowtail project, approved by Guyana’s environmental regulator in 2022, will increase the total volume to over 900,000 bbl/d, potentially turning Guyana into Latin America’s fourth largest oil producer after Brazil, Mexico and Venezuela.