ExxonMobil is maintaining its expectation that Guyana's fifth offshore oil development, Uaru, will begin production in the fourth quarter of 2026, bringing the country closer to another significant increase in daily oil output.
The company's Chairman and Chief Executive Officer, Darren Woods, reiterated the timeline on Friday, October 30, during Exxon's third-quarter earnings call, saying the company expects its fifth development, Uaru, to start up before the end of the year.
Uaru is being developed in the Stabroek Block, offshore Guyana, with the floating production, storage and offloading vessel (FPSO) Errea Wittu assigned to the project.
The vessel arrived in Guyanese waters in August and is expected to have a production capacity of approximately 250,000 barrels of oil per day. It will also have the capacity to process about 540 million cubic feet of natural gas daily.
Following its arrival, MODEC, the company responsible for delivering the FPSO, said the vessel would undergo final offshore preparations and commissioning before first oil.
The development is expected to add substantial capacity to Guyana's offshore production, which has already surpassed 900,000 barrels per day.
The Government had previously indicated that production could exceed one million barrels per day once the fifth development comes online.
Uaru is expected to develop more than 800 million barrels of recoverable oil and represents an estimated US$12.7 billion investment.
The start-up will also mark another stage in the rapid expansion of the Stabroek Block, where four developments – Liza Phase One, Liza Phase Two, Payara and Yellowtail – are currently producing oil.
Beyond the additional production, the project is expected to generate further opportunities for Guyanese workers and businesses involved in offshore operations, logistics, maintenance and other supporting services.
However, the immediate focus will be on the completion of commissioning activities and confirmation of first oil. Reaching the vessel's designed production capacity will take a ramp-up period following start-up, rather than happening automatically on the first day of production.
Exxon's latest statement maintains the fourth-quarter timeline, but the company has not provided a specific first-oil date in the earnings-call remarks.
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