ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block.

The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d.

“Yellowtail’s development further demonstrates the successful partnership between ExxonMobil and Guyana, and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” said Liam Mallon, president of upstream operations. “We are working to maximize benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated...