Development work for two large ExxonMobil-led Guyana projects – Payara and Yellowtail – are progressing. Hess Corporation, a 30% stakeholder in the Stabroek Block where both projects will be operationalized, provided an update this week.
The projects will add nearly half a million barrels of oil per day (bpd) when they achieve first oil in 2023 and 2025.
Chief Operating Officer for Hess, Greg Hill, said topsides installation and development drilling are underway for Payara, and that the overall project is approximately 88% complete. The Prosperity floating production, storage, and offloading (FPSO) vessel will produce at nameplate capacity of 220,000 barrels of oil per day from a reserve base of 600 million barrels of oil equivalent.
He added that fabrication of topside modules for the Yellowtail project kicked off in September and the ‘ONE GUYANA’ hull is expected to arrive in Singapore in early 2023. Yellowtail, the fourth sanctioned Guyana development, is approximately 29% complete, Hill revealed. The nameplate capacity for that vessel will be 250,000 bpd, producing from a reserve base of 925 million barrels of oil equivalent.
Both FPSOs are being built by Dutch floater specialist, SBM Offshore. The company already operates the first two Guyana oil production vessels – Liza Destiny and Liza Unity.
Chief Executive Officer of Hess, John Hess, reaffirmed that these projects are among the industry’s highest margin, lowest carbon intensity ventures.
The projects will add to current production of 360,000 bpd offshore Guyana, to meet approximately 830,000 bpd by 2025
Hess said that the Stabroek Block partners continue to target six FPSOs by 2027 with gross production capacity exceeding one million bpd. Hence, two other projects will follow Yellowtail.
ExxonMobil is the operator of the Stabroek Block with a 45% stake, and CNOOC holds the remaining 25% stake.
