ExxonMobil has come to a final investment decision (FID) to proceed with developing the Payara field offshore project after receiving approval from Guyana government, according to a press release.

Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day (bbl/d) after startup in 2024.

Liam Mallon, president of ExxonMobil Upstream Oil & Gas Company, said, “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. We continue to prioritize high-potential prospects in close proximity to discoveries and maximize value for our partners, which includes the people of Guyana.”

A total of $9 billion will be invested in the offshore project in order to extract the 600 million barrels of oil equivalent (boe). In terms of drilling plans, ten drill centers are contracted along with up to 41 wells (20 production and 21 injection wells). 

ExxonMobil is looking to add additional development opportunities in the Stabroek Block, among those are Redtail, Yellowtail, Mako, and Uaru resources. Also, there are plans to have five operational drillships offshore Guyana by the end of the year.