Exxon Mobil (NYSE:XOM) confirms it’s getting ready to approve its fifth oil production project in Guyana and should take extra exploration acreage, Alistair Routledge, head of the corporate’s Guyana operations, instructed Reuters in an interview on Monday.

The proposed fifth improvement, on the Uaru oilfield, would pump ~250K bbl/day of oil at its peak and be the Exxon-led consortium’s largest and costliest project, outstripping the $10B value of the fourth project.

The improvement will value ~$12.7B, in keeping with an estimate ready for Guyana’s Environmental Protection Agency, 27% more than Exxon’s (XOM) fourth improvement, with first oil projected to movement by 2027 and proceed for 20 years.

Exxon (XOM) has submitted a improvement plan for the oilfield, and an preliminary building contract was awarded final fall to Japan’s Modec Inc.;Routledge mentioned if the plan is authorized by Guyana’s authorities, the consortium might sanction spending on the project by April.

Exxon (XOM) will contemplate submitting bids when Guyana holds its first aggressive public sale for brand new exploration areas in April, though “it could be untimely to say sure or no” to participation earlier than the nation releases the total phrases of recent production contracts.

Wall Street is broadly bullish on Exxon Mobil (XOM), however the inventory has “nowhere to go however down,” David Alton Clark writes in an evaluation posted just lately on Seeking Alpha.