ExxonMobil has announced the start of production at Payara, Guyana’s third offshore oil development on the Stabroek Block.
This new project brings the total production capacity in Guyana to approximately 620,000 barrels per day. The company’s floating production, storage, and offloading (FPSO) vessel, named Prosperity, has started ahead of schedule and is expected to add 220,000 barrels per day (bbl/d) of oil over the first half of next year as new wells come online.
This additional capacity is a significant milestone towards achieving a combined production capacity of over 1.2 million bbl/d on the Stabroek Block by 2027.
“Each new project supports economic development and access to resources that will benefit Guyanese communities while also helping to meet the world’s energy demand,” said Liam Mallon, president of ExxonMobil Upstream Company. “We’re pleased to work in partnership with the Guyanese government to make reliable energy accessible and sustainable,” he added.
The FPSO is the third production facility in the block, following the two serving Liza Phase I and Liza Phase II. It was constructed in China and Singapore and arrived in Guyana in April 2023. It is moored at a water depth of about 1,930 meters.
ExxonMobil Guyana plans to have six FPSOs in operation on the Stabroek Block by 2027. The fourth and fifth projects, Yellowtail and Uaru, are currently in progress and will each produce approximately 250,000 bbl/d of oil. Additionally, the company is seeking regulatory approvals for a sixth project at Whiptail.
“The delivery of the Payara Project was a milestone for the partnership and production growth of the Stabroek Block,” said Zhou Xinhuai, CEO and President of CNOOC.
Notably, Both the Prosperity and Liza Unity FPSOs have been awarded the SUSTAIN-1 notation by the American Bureau of Shipping, recognizing the sustainability of their design, documentation, and operational procedures.
“We are proud to be a partner in the successful development of this world-class oil resource for the benefit of the people of Guyana and all other stakeholders, and we congratulate ExxonMobil as operator for outstanding project execution,” CEO John Hess said. “The world will need these low-cost oil resources to meet future energy demand and help ensure an affordable, just, and secure energy transition,” he added.
ExxonMobil’s Guyana developments have a greenhouse gas intensity that is around 30% lower than the average of its upstream portfolio. They are also among the best performing in the world in terms of emissions intensity, surpassing 75% of global oil and gas-producing assets.
ExxonMobil Guyana Limited operates the Stabroek Block with a 45% interest rate, while Hess Guyana Exploration Ltd. holds a 30% interest rate, and CNOOC Petroleum Guyana Limited holds a 25% interest rate.
it noteworthy that ExxonMobil’s activities in Guyana have had a positive impact on the local workforce. Currently, around 6,000 Guyanese are supporting the company’s operations, representing more than two-thirds of the oil and gas workforce in the country. Since operations began in 2015, ExxonMobil and its direct contractors have spent over $1.2 billion with more than 1,500 Guyanese suppliers.