Tuesday, December 6, 2022

Proposed, sanctioned offshore developments to deliver over 800,000 bpd by 2025

Must Read

OilNOW is an online-based Information and Resource Centre

Guyana has gone from having no known oil resources just 6 years ago to now holding over 9 billion barrels of oil equivalent. The small South American country is now well on its way to becoming one of Latin America’s top three oil producers, surpassing OPEC founding member, Venezuela.

So far, a total of three developments have been sanctioned with an application now in for a fourth. Total output from these projects will push Guyana’s production beyond 800,000 bpd by 2025.

ExxonMobil, operator of the 6.6 million acres Stabroek Block, anticipates around 10 FPSOs will be needed to develop the current estimated recoverable resources on the block.

Approved and pending offshore developments

Liza Phase 1

  • Sanctioned in 2017
  • Located approximately 190 kilometers offshore
  • Vessel – Liza Destiny FPSO
  • Estimated production – 120,000 bpd

Liza Phase 2

  • Sanctioned in 2019
  • Located approximately 183 kilometers offshore
  • Vessel – Liza Unity FPSO
  • Estimated production – 220,000 bpd


  • Sanctioned in 2020
  • Located approximately 207 kilometers offshore
  • Vessel – Prosperity FPSO
  • Estimated production – 220,000 bpd


  • Pending Approval
  • Located approximately 200 kilometers offshore
  • Vessel – To be confirmed
  • Estimated production – 250,000 bpd


Latest News

Guyana’s oil fund almost at US$1.4 billion at November’s end

Guyana’s Natural Resource Fund (NRF), held at the New York Federal Reserve Bank, soared to US$1,391,406,433 at the end...

More Articles Like This