ExxonMobil’s third development project in Guyana’s offshore Stabroek Block – Payara is almost complete and remains on track for its early 2023 start-up.
Hess’ Chief Executive Officer, John Hess said the project is around 93% complete.
It will take the Stabroek Block production to a combined 580,000 barrels per day at peak.
The Prosperity floating production, storage, and offloading (FPSO) vessel to be used for the project is designed to produce approximately 220,000 barrels of oil per day.
The US$9 billion development targets 600 million oil-equivalent barrels.
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The FPSO is being built by Dutch floater specialist, SBM Offshore. The company already operates the first two Guyana oil production vessels – Liza Destiny and Liza Unity.
Chief Financial Officer for ExxonMobil Corporation, Kathryn Mikells said last year that the early delivery of the Payara project is the cause of the spike in Exxon’s 2023 CAPEX budget. The company recently reaffirmed its commitment to spend over US$100 billion in the 2023-2027 period on capital projects to meet the world’s demand for energy. This means US$20-25 billion would be spent each year. Exxon said its investments for 2023 are expected to fall in the US$23 billion to US$25 billion range.
ExxonMobil is the operator of the Stabroek Block with a 45% stake, Hess has 30%, and CNOOC holds the remaining 25% stake.
