A massive oil production ramp up off the coast of Guyana this year is seeing daily output at the Liza Destiny and Unity FPSOs reach record levels, delivering significant energy, and in turn revenue, for the country and the oil companies developing the vast hydrocarbon resources.
Both vessels, built and operated by SBM Offshore, are on contract for ExxonMobil, operator and 45% stakeholder at the 6.6 million acres Stabroek Block. Hess holds a 30% stake and CNOOC holds 25%.
The Liza Unity FPSO which came online in February, adds an additional 220,000 barrels of oil per day to the Liza Destiny FPSO, bringing total production to around 350,000 barrels per day this year.
“This translates to 20 gallons of gas and 12 gallons of diesel or heating oil per barrel,” an article in Exxon’s June edition of Energy Factor states.
At 350,000 barrels of oil per day, this equates to 7 million gallons of gas and 4.2 million gallons of diesel or heating oil being produced in a 24-hour cycle offshore the South American country.
This is pushing Guyana to become a major source of energy, with around 11 billion barrels of oil equivalent discovered since 2015.
Exxon expects production to hit 1.2 million barrels of oil per day by 2027 and analysts say by 2035, this could increase to a whopping 1.7 million barrels daily, making Guyana the second largest oil producer in South America.