NEWS

Exxon Loads Up On Oil In New Offshore Development In Guyana

According to ExxonMobil, it has made its final investment decision to proceed with the Payara field offshore development in Guyana after receiving government approvals. 

The company noted that the Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after startup in 2024, using the Prosperity floating production and storage and offloading (FPSO) vessel.

The $9 billion development will target an estimated resource base of about 600 million oil-equivalent barrels. Ten drill centers are planned along with up to 41 wells, including 20 production and 21 injection wells. 

“ExxonMobil is committed to building on the capabilities from our Liza Phase 1 and 2 offshore oil developments as we sanction the Payara field and responsibly develop Guyana’s natural resources,” said Liam Mallon, president of ExxonMobil Upstream Oil & Gas Company.

He further said, “We continue to prioritize high-potential prospects in close proximity to discoveries and maximize value for our partners, which includes the people of Guyana.”

ExxonMobil’s first offshore Guyana project, Liza Phase 1, began producing in late 2019, well ahead of the industry average for development time. Liza Phase 2 remains on track to start producing oil by early 2022. It will produce up to 220,000 barrels of oil per day at peak rates using the Liza Unity FPSO under construction in Singapore. 

ExxonMobil is set to evaluate additional development opportunities in the Stabroek Block, including Redtail, Yellowtail, Mako, and Uaru resources. It plans to have five drillships operating offshore Guyana by the end of this year.

Readers Bureau, Contributor

Edited by Jesus Chan

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