ExxonMobil has announced the start of production at Payara, the third offshore oil development on Guyana’s Stabroek Block, bringing total production capacity off the South American country to approximately 620,000 barrels per day.
The Prosperity floating, production, storage, and offloading (FPSO) vessel is expected to achieve an initial production rate of around 220,000 barrels per day in the first half of next year as new wells come online. The increase in capacity marks ExxonMobil’s third major milestone in reaching its production capacity target of over 1.2 million barrels per day at the Stabroek Block by the end of 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.”
ExxonMobil’s plans for Guyana is to have six FPSOs operating on the Stabroek Block by the end of 2027. The fourth and fifth projects, Yellowtail and Uaru, are already underway and are expected to produce approximately 250,000 barrels of oil per day each. The company is also working towards securing regulatory approvals for a sixth project at Whiptail, in collaboration with the government of Guyana.
Both Prosperity and Liza Unity, two FPSOs deployed by ExxonMobil, have received the SUSTAIN-1 notation from the American Bureau of Shipping, recognizing their sustainable design, documentation, and operational procedures.
ExxonMobil’s Guyana developments have demonstrated a greenhouse gas intensity that is approximately 30% lower than the average of their upstream portfolio, making them among the best-performing oil and gas assets worldwide in terms of emissions intensity.
ExxonMobil’s operations in Guyana have also had a significant positive impact on the local workforce and economy. Currently, more than 6,000 Guyanese are involved in supporting ExxonMobil’s activities, making up over two-thirds of the country’s oil and gas workforce. Since operations began in 2015, the company and its direct contractors have spent over $1.2 billion with more than 1,500 Guyanese suppliers.
ExxonMobil Guyana Limited operates the Stabroek Block with a 45% interest, while Hess Guyana Exploration Ltd. holds a 30% interest, and CNOOC Petroleum Guyana Limited holds a 25% interest.
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