The approval of Guyana’s third Stabroek Block development – Payara – in 2020 was a significant step forward, with one research and intelligence firm calling it one of the brightest lights in oil’s dark year. It came at a time when investments in greenfield projects dropped to its lowest in 30 years – a direct result of the COVID-19 pandemic. Sanctioned by ExxonMobil and its Stabroek Block partners, the development is moving full steam ahead.
Here is all you need to know about Payara:
- The Payara field development is located 200 kilometres off the coast of Guyana. The water depth in the area is approximately 2,000 metres.
- The field was discovered on January 2017 when Payara-1 encountered net oil pay of more than 29 metres in sandstone reservoirs. It was the second oil discovery in the Stabroek block.
- The resource base for the Payara field is estimated to be 600 million barrels of oil equivalent (Mboe).
- The project partners reached a final investment decision (FID) on the project in September 2020 after the field development plan (FDP) was approved by the government of Guyana.
- With 10 drill centers, the project will develop the Payara and Pacora fields.
- There are 41 wells planned, including 20 for production, and 21 water and gas injection wells.
- The Payara development plan includes a floating production, storage and offloading (FPSO) vessel, named Prosperity. The vessel recently arrived in the Stabroek Block.
- Start-up is slated for late 2023, ahead of the initial start-up timeline of 2024.
- The design of the Prosperity FPSO is based on SBM Offshore’s Fast4Ward programme.
- Moored in 1,900m-deep waters, the FPSO has a processing capacity of 220,000 barrels per day (bpd), along with an associated gas treatment capacity of 400 cubic feet (mcf) a day, and a water injection capacity of 250,000 bpd.
- It has a crude oil storage capacity of approximately two million barrels.