Guyana’s biggest FPSO by target production to set sail in H1 2025

Guyana is set to welcome a trailblazing new floating production, storage and offloading (FPSO) vessel next year. The ONE GUYANA vessel, being constructed by SBM Offshore, is targeting the highest initial oil production observed in the industry for an FPSO—250,000 barrels per day (b/d). The FPSO is destined for the ExxonMobil-operated Stabroek Block.

SBM Offshore said in a recent Asia presentation that the FPSO is scheduled to sail from Singapore in the first half of 2025, with first oil expected in the second half of the year. Construction work has progressed substantially on the specialized vessel. SBM Offshore intends to complete its pile installation campaign in the third quarter of 2024, with mechanical completion of the FPSO is expected in the last quarter. 

Two FPSOs have been able to demonstrate production as high as or exceeding 250,000 b/d. They are the Liza Unity and Prosperity FPSOs, both operating in Guyana. However, these vessels initially targeted oil production at 220,000 b/d and were able to accommodate optimized production. Liza Unity peaked at 260,000 b/d on August 16, 2023. Payara peaked at 250,000 b/d on May 30, 2024. 

ONE GUYANA is likely to be capable of accommodating industry-leading production optimization levels beyond 250,000 b/d. This FPSO could take Guyana’s total production close to 900,000 b/d, making it the world’s largest per capita oil producer. 

According to filings with the Guyana government, the ONE GUYANA FPSO’s basic design has an upper production limit of 263,000 b/d. If there is opportunity to increase this limit during the design phase or production operations, Exxon will document the evaluation and justification with the view of making an updated production limit available, fillings say. Exxon has pursued optimization of all its FPSOs offshore Guyana and plans to continue in this regard. 

The ONE GUYANA FPSO will target production of 925 million barrels of oil from the Yellowtail and Redtail oil fields. It will be able to store two million barrels of oil and is expected to offload crude to tankers every four days. 

Like ONE GUYANA, two more Guyana FPSOs will follow, also targeting 250,000 b/d. The Errea Wittu, being developed by MODEC, and the Jaguar, being developed by SBM Offshore. The three vessels are expected to lift Guyana’s capacity to produce oil by 750,000 b/d by 2027, with total production capacity set to surpass 1.3 million b/d by 2027/2028. 

Read more about ExxonMobil’s Guyana projects: A timeline of Exxon’s oil development projects in Guyana