The optimization of production at the ExxonMobil-operated Stabroek Block offshore Guyana has been unprecedented and this can be increased even further.
ExxonMobil’s Chief Executive Officer (CEO), Darren Woods says the company’s “design one, build many” concept is a huge factor in the consistent production ramp-up at its Guyana projects.
“We have tried to maintain consistency from boat to boat,” Woods said during Exxon’s Feb. 2 Q4 2023 earnings conference. “As the subsurface and the complexity of the developments change, we have to make adjustments. It is not quite a cookie-cutter approach, but we tried to maintain a level of consistency.”
He said this is done because it keeps capital costs down, and also allows for learnings to be taken from the previous boats and apply it to the one that just started up. This, Woods said, helps Exxon to advance things “faster to do things quicker.”
All the production vessels currently in operation offshore Guyana have been built by SBM Offshore.
Exxon’s third Guyana development, Payara, achieved its production target in record time. The projection for ramp-up was five months after commissioning. Exxon achieved this in two. Exxon’s Chief Financial Officer, Kathy Mikells, said this success could also be attributed to the company drilling even more wells than planned.
“[We wanted to] ensure we got that boat up to capacity as quickly as possible and our organization really delivered on that,” she added.
Woods anticipates that for Exxon’s future projects, things will move even faster.
“Take the previous ramp-ups as a basis and then our expectation is that the organization will find ways to do it even better,” he continued.
Exxon is now targeting the Yellowtail, Uaru and Whiptail development projects. Yellowtail and Uaru have already been approved. Whiptail is under review and the government expects Exxon to submit plans for a seventh project this year.
Alongside Payara, Exxon operates the Liza 1 and Liza 2 developments. Both are currently producing above their original targets: Liza 1 is at 150,000 barrels per day and Liza 2 is at 250,000 barrels per day.
Exxon is the operator of the Stabroek block with a 45% stake. Hess owns 30% and CNOOC owns 25%.