Prosperity FPSO another avenue to build better future for Guyanese – First Lady

…dedicates new vessel ahead of sail away

As Guyana continues to see unprecedented growth fuelled by its burgeoning oil and gas industry, First Lady Arya Ali has stated that the operationalisation of a third floating, production, storage and offloading (FPSO) vessel offshore will contribute to building prosperity and a better future for the people of this country.
The Prosperity FPSO was officially dedicated by First Lady Arya Ali and company officials on Wednesday, February 1, 2023 during a simple naming ceremony at the Keppel Shipyard in Singapore.
The naming and dedication ceremony marked the final stage for the Prosperity as it readies to set sail for Guyana, where it will arrive some two months after departure. This FPSO will be the third vessel that will operate in the Stabroek Block offshore Guyana.
First Lady Arya Ali is the godmother of the vessel, a longstanding maritime tradition which identifies a woman to bestow good luck and protection over the vessel and those who sail aboard.

“This vessel offers another avenue to prosperity, an opportunity to build a future for our people, a future they deserve. The Prosperity is more than just a symbol of development, though; she is a physical manifestation of the hard work and collaborative relationship between the people of Guyana and the collection of companies doing business in our oil and gas sector,” she said.
According to First Lady Ali, this third FPSO vessel signals the potential for more local content growth, more opportunities for businesses, and jobs for individuals.
“Ultimately, this means increased revenues for Guyana, which will go towards helping the country achieve many of the goals outlined in our National Development Strategy, including access to quality medical treatment and education,” Mrs Ali added.
“I wish the men and women who will crew and operate this vessel every success along the way.”

Guyana’s transformation
Meanwhile, ExxonMobil’s Senior Vice President of Deepwater, Hunter Farris, has praised the level of collaboration among multiple companies in several countries that went into making the project a reality. He also highlighted the benefits that would arise from having a third vessel operating offshore Guyana.
“The Prosperity reaffirms ExxonMobil’s commitment to Guyana. A third vessel operating offshore will further contribute to Guyana’s transformation, creating new business and employment opportunities over the life of its operation,” Farris has said.
The Prosperity, scheduled to leave Singapore for Guyana this quarter, will be utilised on the Payara Development – ExxonMobil Guyana’s third project in the Stabroek Block, which is expected to start up later this year.
The Prosperity will have an initial production target of 220,000 barrels of oil per day, and an overall storage volume of around two million barrels.
Currently, the United States oil major is operating two other FPSOs – the Liza Destiny and Liza Unity vessels – in the Stabroek Block. They are producing approximately 360,000 barrels of oil per day.
In addition to the Payara, the Yellowtail Development – Exxon’s fourth project in the Stabroek Block – is set to come on stream by 2025 with the ‘One Guyana’ FPSO, which will enter drydock in April.
The company’s fifth development, called Uaru, is currently with the Guyana Government for approval.
The Whiptail Development, the sixth development, is slated to be sanctioned early next year, pending approval from the Guyanese authorities.
With these six FPSOs in operation, it is estimated that Guyana’s oil production would be ramped up to about 1.2 million bpd by 2027.
However, ExxonMobil anticipates at least 10 FPSOs operating offshore Guyana by the end of this decade.
The oil rich Stabroek Block, which is producing the oil, is 6.6 million acres (26,800 square kilometres). Exxon, through its local subsidiary Esso Exploration and Production Guyana Limited (EEPGL), is the operator 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.
Guyana, with US oil giant ExxonMobil as the operator, began producing oil on December 20, 2019 in the Stabroek Block, where there is an estimate of more than 11 billion barrels of oil equivalent (boe) recoverable resource. Since 2015, more than 30 discoveries were made on the block – nine of which were found last year and one so far this year. (G8)