Sunday, August 14, 2022

Contracts confirmed for giant Prosperity FPSO, SBM Offshore looking to execute some fabrication work in Guyana

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Dutch floater specialist, SBM Offshore, announced Thursday that Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of Exxon Mobil Corporation, has confirmed the award of contracts for the next phase of the Payara development project located in the Stabroek block, offshore Guyana.

Under these contracts, SBM Offshore will construct, install, and then lease and operate the Prosperity FPSO for a period of up to two years, after which the FPSO ownership and operation will transfer to EEPGL. The award follows completion of front-end engineering and design studies, completion of the multi-purpose hull, receipt of requisite government approvals and the final investment decision on the project by ExxonMobil and block co-venturers.

The Payara development is the third development within the Stabroek block, located approximately 200 kilometers offshore Guyana.

The Prosperity FPSO will utilize a design that largely replicates the design of the Liza Unity FPSO. As such, the design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules.

The FPSO will be designed to produce 220,000 barrels of oil per day, will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. The vessel will be spread moored in water depth of about 1,900 meters and will be able to store around 2 million barrels of crude oil.

As a result of the award, SBM Offshore said it also anticipates the award of contracts to Guyanese companies for work to be performed in Guyana. For example, the Company is looking at executing scope for fabrication and coating of a portion of the light structural steel for the FPSO in Guyana, which would be a first for SBM Offshore in country.

Additionally, SBM Offshore is preparing to recruit and employ Guyanese engineers into the Payara project team. Both activities are focused on development of Guyanese capacity, building on efforts to date for the Liza Destiny and Liza Unity FPSOs.

“We are pleased to announce that ExxonMobil has awarded SBM Offshore the contracts for the third FPSO in Guyana, signed under the existing long term FPSO supply agreement with ExxonMobil,” Bruno Chabas, CEO of SBM Offshore, said. “This award demonstrates the competitiveness of world-class deep-water reservoirs and the added value that SBM Offshore’s Fast4Ward® program brings to these large-scale developments.”

He said the SBM Offshore team is proud that the constructive collaboration with the ExxonMobil team continues, while contributing to the development of the offshore energy industry in Guyana.

Authorities in Guyana granted final approvals on Wednesday for the Payara development and ExxonMobil has since made its final investment decision for the project.

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