The joint venture of ExxonMobil, Hess and CNOOC International have sanctioned the latest huge oil project in the prodigious Stabroek block offshore Guyana.

The $12.7 billion Uaru development is the fifth oil development in the Stabroek area and will have a production capacity of 250,000 barrels per day of oil, targeting an estimated resource base of more than 800 million barrels of oil.

Modec is building the floating production, storage and offloading vessel for Uaru, which will be called Errea Wittu, under an engineering, procurement and construction contract.