Guyana’s appetite for Floating Production Storage and Offloading (FPSO) units to produce its massive oil reserves is growing as more developments come on stream at the ExxonMobil-operated Stabroek block.
This demand for FPSOs was most evident recently with two Guyana floaters being berthed alongside each other at the Keppel Shipyard in Singapore. The Prosperity FPSO hull arrived at the yard for topsides installation as the Liza Unity FPSO was being prepared for its 80-day journey to the South American country.
The country’s journey as an oil producing nation began in December 2019 with first oil from the Liza Phase 1 Development, producing around 120,000 barrels of per day (bpd).
In quick succession, Phase 2 of the Liza Development was sanctioned, and this is set to come on stream in 2022, adding another 220,000 bpd.
A third project at the Payara-Pacora area has been given the greenlight and will hit first oil by 2024, also producing around 220,000 bpd.
Exxon is now looking to get approvals for its fourth development offshore Guyana at Yellowtail, targeting up to 250,000 bpd.
The rapid demand for FPSOs will grow even further this decade. Exxon has said it anticipates up to ten floaters will be needed to produce the oil it has found so far at Stabroek block, and the company is still pursuing an aggressive exploration and appraisal drilling programme that could add even more barrels.