…company continues to explore for more development opportunities
The Prosperity Floating Production Storage and Offloading (FPSO) vessel, which services ExxonMobil’s third project in the Stabroek Block, has been performing beyond expectations just eight months after start up.
During a recent sit down with the media, ExxonMobil Guyana Vice President and Business Services Manager Phillip Rietema spoke of the Payara project and the oil production it has been churning out. Further, he noted that the company continues to look out for additional development opportunities.
“We continue to invest heavily in Guyana. ExxonMobil Guyana alone has invested around $3 Trillion in the Stabroek Block, with our partners. Its around $6 Trillion and with future projects already approved and committed, that will reach $11 Trillion and we’re still exploring and we’re still looking for additional development opportunities.”
The Prosperity FPSO
“This is bringing significant value to Guyana, underpinning the growth that we’re seeing. We’re really proud of the work we do. These deep-water projects are some of the most efficient. Prosperity that came online in 2023, has exceeded expectations. It came online earlier than planned, production has ramped up sooner than planned. And it is generating significant value for the state,” Rietema said.
The oil executive further spoke of ExxonMobil’s desire to continue being Guyana’s energy partner, as well as to continue to invest in Guyana’s growth and development. According to him, this is even beyond oil and gas.
“We are Guyana’s energy partner; we talk a lot about being an essential partner. That’s imbued in all of our people as they look to do their work each day. And it extends beyond our oil and gas work. We continue to look for opportunities to invest in the growth and development of Guyana,” he added.
Exxon, through its local subsidiary EEPGL, is the operator of the Stabroek Block and holds 45 per cent interest in the block. Hess Guyana Exploration Ltd holds 30 per cent interest, and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest.
The Liza Phases One and Two and Payara projects, all of which combined are producing over 600,000 barrels of oil per day, account for the three floating, production, storage and offloading (FPSO) vessels operating in Guyana’s Stabroek Block in waters offshore.
When it comes to the Prosperity FPSO, Exxon has been eyeing the possibility of increasing production there. EEPGL President Alistair Routledge had previously explained that they are going through reviews with government ministries and agencies such as the Ministry of Natural Resources (MNR) and the Environmental Protection Agency (EPA).
The current production figures will be further buttressed by the Yellowtail and Uaru developments, which are already underway and are anticipated to contribute 250,000 barrels of oil each following their respective start-ups.
An application for the sixth development, the Whiptail Project, was submitted by the Stabroek Block operator to the Guyana Government last year, and has already received the necessary approvals, with Exxon making its Final Investment Decision (FID) in April. This project will see Guyana producing just over 1.2 million barrels of oil per day by 2027.
In addition to at least these six projects offshore Guyana that Exxon anticipates will be online by 2027, it is also eyeing the possibility of having 10 FPSOs operational by 2030. Production has already started on three projects, with the Liza Destiny and Unity and the Prosperity FPSO vessels in operation.
The third project – the Payara development – targets an estimated resource base of about 600 million oil-equivalent barrels, and was at one point considered to be the largest single planned investment in the history of Guyana. Meanwhile, the Yellowtail development, which will be Exxon’s fourth development in Guyana’s waters, has an anticipated start-up of 2025.
The Uaru oil development, which will be the fifth one for the company offshore Guyana, is targeting between 38 and 63 development wells, including production, water injection, and gas re-injection wells.
Exxon had also previously made known that first oil from the Uaru development is anticipated by late 2026 or early 2027. (G3)
