Around 50 percent of the 9 billion barrels of oil equivalent discovered so far at the prolific Stabroek Block offshore Guyana can be developed by 6 Floating Production Storage and Offloading (FPSO) vessels and an additional 4 units would be needed to produce the remaining resources.
“We estimate that the first six FPSOs can develop between 40 and 50 percent of the total resource discovered to date,” said ExxonMobil’s Senior Vice President of Upstream, Neil Chapman. “Therefore, it’s possible up to 10 FPSOs may be needed to fully develop the nine billion barrels that we have discovered so far.”
Chapman, speaking at the company’s 2021 Investor Day event on Wednesday, said Exxon will continue to work closely and in partnership with the Guyana government and anticipate their support to maintain future development pace consistent with what has been demonstrated to date.
“As we continue to develop these resources, we plan to leverage our proven project execution capabilities to capture the many efficiencies in our ‘design one, build many’ approach to ensure the projects continue to deliver high returns and capital efficiencies, which in turn maximizes the value for the Government, our JV partners and the people of Guyana,” he stated.
The energy company started producing oil in Guyana at the Liza Phase 1 Development in 2019 and is moving forward with Phase 2 of that project targeting start-up in 2022, and a third development at the Payara field, which is set to come on stream by 2024.
Company officials said on Wednesday that plans are underway to submit a third development by the end of the year to the Guyana government for approval.