Production at the Liza 1 project rebounded in October, after which, the Liza Destiny floating production, storage and offloading (FPSO) vessel demonstrated levels in excess of 150,000 barrels per day (bpd).
The project registered an average output of 140,780 bpd in October, according to Ministry of Natural Resources data. Production numbers for October 31 are not yet available.
With the rebound in October, ExxonMobil can now focus on ramping up output at the Prosperity FPSO which started operations in November. At the rate the Liza field is producing, it will exceed 136 million barrels by the end of the year. There is no certainty how much will be produced at Payara in its seven weeks of production this year, but Liza 2 had already delivered 2.2 million barrels in the same period after it started production back in 2022.
With Payara in operation, daily production offshore Guyana is expected to finally surpass the 400,000-bpd average in November, hitting 620,000 bpd by the second quarter of 2024.
Next up is the Yellowtail project, currently in development. While Yellowtail is expected to achieve first oil in 2025, Guyana’s oil minister Vickram Bharrat has expressed high hopes for the project to start late 2024. All of Exxon’s Guyana projects thus far have started up ahead of schedule.
Exxon is the operator of the Stabroek block, with a 45% interest. Chevron’s subsidiary, Hess, owns a 30% stake, and CNOOC owns 25%.
