Guyana OKs Exxon’s $10B Yellowtail offshore oil project

By BERT WILKINSON
Associated Press

GEORGETOWN, Guyana (AP) — Guyana’s government has granted permission for U.S. supermajor ExxonMobil to develop a fourth offshore oil and gas field, and the company says it has made a final investment decision on the $10 billion project. The aim is to produce up to 250,000 barrels per day. ExxonMobil said the development “helps provide the world with another reliable source of energy.” The first barrel of oil was pumped offshore in December 2019, making the country of about 800,000 people one of the world’s newest oil producers. The approval comes amid a debate over whether adequate insurance is in place in the event of an oil spill.