Sunday, September 24, 2023

Over 100 miles offshore, Exxon is prepping for Guyana’s 3rd oil project

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Development operations are in high gear at the Payara field, located just over 103 nautical miles offshore Guyana, South America’s up and coming second biggest producer. This marks ExxonMobil’s third project at the massive Stabroek Block where nearly 11 billion barrels of oil equivalent have been found since 2015.

OilNOW understands the ongoing development operations cover an area of 137.89 square nautical miles (472.95 square kilometers).

The first Payara development well was spudded in June 2021, and the offshore SURF installation got underway in the third quarter of the year.

SBM Offshore also announced in June 2021 that it had completed the project financing for the Prosperity FPSO totalling US$1.05 billion.

The vessel will utilize a design that largely replicates the Liza Unity FPSO which is based on SBM Offshore’s industry leading Fast4Ward program that incorporates the company’s new build, multi-purpose hull combined with several standardised topsides modules. This FPSO will be designed to produce 220,000 barrels of oil per day (bpd). This will add to the 220,000 bpd from Liza Phase 2 and the now optimized 140,000 bpd from Liza Phase 1, pushing total daily output beyond 580,000 bpd as more optimization work gets underway.

Payara, set to come on stream by 2023, will be followed by Yellowtail in 2025. By 2027, Stabroek Block projects, including a fifth called Uaru, and at least one more, will push total output above 1.2 million barrels per daily.

Exxon plans to drill more than 60 exploration wells offshore Guyana in six years as it looks to unlock billions of barrels of yet to be discovered oil and gas resources.

The Payara Development Project Area.
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