5th FPSO to arrive in Guyana this week, set to push oil output past 1M bpd – Pres Ali

…confirms Guyana’s share of Stabroek Block production rises to nearly 40%

The country’s fifth floating, production, storage and offloading vessel, the Errea Wittu, is expected to arrive in Guyana this week and will push the country’s oil production beyond one million barrels per day by year-end.
This was announced on Tuesday by President Dr Irfaan Ali during a press conference at the Office of the President.
“Our fifth production vessel set sail from Singapore in early August 2026 and is expected to arrive off Guyana’s coast this week, with first oil targeted for the fourth quarter of 2026,” he noted.
The Errea Wittu is assigned to the Uaru development project in the Stabroek Block. Built by MODEC at a cost of US$12.7 billion, the vessel is designed to add approximately 250,000 barrels per day (bpd) to national production.
The new vessel will join the four FPSOs currently operating in the Stabroek Block: Liza Destiny, Liza Unity, Prosperity and One Guyana, which together are producing approximately 900,000 to 920,000 barrels of oil per day.
President Ali emphasised that once operational, the new FPSO will “push national output above one million barrels a day for the first time”.
Uaru, ExxonMobil’s fifth offshore development in the Stabroek Block, targets more than 800 million barrels of recoverable oil.
Meanwhile, Whiptail, the sixth sanctioned project, is targeted for start-up in 2027, while Hammerhead, approved as the seventh development, with production expected around 2009.

40% of production
Meanwhile, the Head of State also clarified that Guyana’s share of Stabroek Block profit oil has increased from 12.5 per cent to 39.8 per cent, largely because the project’s cost bank was recovered earlier than initially anticipated. He explained that whereas as much as 75 barrels out of every 100 previously went toward cost recovery, today only about 20 barrels are allocated to costs.
“The production sharing formula has never changed. It remains exactly what was written in the 2016 agreement: royalty first, then up to 75 per cent of production can go to cost recovery; whatever is left is split evenly between Guyana and Stabroek coventurers,” he explained.
He further noted that while the US$55 billion expenditure was paid off, the cost bank is not saturated or entirely depleted.
“The 20 barrels today account for operating and other costs, which still form part of the cost bank. That which is left is called the ‘profit oil’, and is split evenly between Guyana and the companies. Guyana’s half is about 39.8 barrels out of every hundred. The companies’ matching 39.8 barrels is split three ways between the co-venturers,” he highlighted.