Wednesday, June 7, 2023

Update: Hull for Guyana’s largest approved oil project delivered

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SBM Offshore said in a first quarter trading update that the hull for the ‘ONE GUYANA’ floating production, storage, and offloading (FPSO) vessel has already been delivered.

‘One Guyana’ will deliver biggest daily production for new oil nation

It is a Fast4Ward® multi-purpose floater (MPF) hull, under SBM Offshore’s industry leading Fast4Ward® program.

“Engineering and procurement are progressing in line with project schedule,” the update stated. First oil is scheduled for 2025.

The FPSO will be designed to produce 250,000 barrels of oil per day, with associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil.

Authorities in Guyana have issued a production license and an environmental permit, clearing the way for the Yellowtail Development at the Stabroek Block. As the fourth project, first oil at Yellowtail in 2025/2026 will take Guyana’s accumulated oil production to over 800,000 barrels of oil per day.

SBM Offshore confirmed in April that it was awarded contracts requiring it to construct, install and then lease and operate the FPSO for a period of two years, after which ownership and operation will transfer to ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL). The project’s turnkey phase will be executed in conjunction with McDermott, under a special purpose company.

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