Guyana’s Stabroek Block jumped 38% in overall oil production in the first quarter of 2024, compared to the prior quarter.
In the fourth quarter of 2023, the three ExxonMobil-operated projects (Liza 1, 2 and Payara) collectively delivered 40.3 million barrels to thirsty markets at a rate of 438,000 barrels per day (b/d). With the new Payara project demonstrating it can produce more than its initial target of 220,000 b/d by January, the Stabroek Block delivered 55.8 million barrels at 613,000 b/d in the first quarter of 2024. At that rate, 2024 production would exceed the 2023 total of 142.8 million barrels in less than three quarters.
In the first quarter of 2024, Liza 1 produced 14.3 million barrels at a rate of 157,000 b/d and Liza 2 produced 22 million barrels at a rate of 242,000 b/d. Payara produced 19.5 million barrels at a rate of 214,000 b/d.
While Payara averaged below its 220,000 b/d target, it is notable that the project demonstrated it can produce as high as 238,000 b/d even before any optimization. ExxonMobil plans to pursue debottlenecking to increase production to 250,000 b/d at the Payara project. Its current peak, combined with those of Liza 1 (163,000 b/d) and Liza 2 (260,000 b/d), indicates that the Stabroek Block can produce up to 661,000 b/d.
Exxon plans to take the Liza field offline for a few weeks in the second half of the year, to facilitate hook-up for the Gas-to-Energy pipeline. The company is also likely to pursue infrastructure maintenance during this period.
As Payara stabilizes, the Stabroek Block is likely to produce markedly higher than government estimates this year.
All the FPSOs operating offshore Guyana to date have been built by Dutch floater specialist, SBM Offshore. ExxonMobil has 45% operating stake in the Stabroek Block, while Hess holds 30% and CNOOC holds 25%.
