US supermajor ExxonMobil has started production at Payara, Guyana’s third offshore oil development on the Stabroek Block.
The Prosperity FPSO vessel is expected to reach initial production of approximately 220,000 barrels per day over the first half of next year as new wells come online.
The startup brings the total production capacity in Guyana to approximately 620,000 barrels per day. This additional capacity will be the third major milestone towards reaching a combined production capacity of more than 1.2m barrels per day on the Stabroek Block by year-end 2027.
ExxonMobil Guyana anticipates six FPSOs will be in operation on the Stabroek Block by year-end 2027. Yellowtail and Uaru, the fourth and fifth projects, are in progress and will each produce approximately 250,000 barrels of oil per day. The company is working with the government of Guyana to secure regulatory approvals for a sixth project at Whiptail.
According to the US firm, some 6,000 Guyanese are now supporting ExxonMobil Guyana’s activities in the country, representing more than two-thirds of the local oil and gas workforce. The company and its direct contractors have spent more than $1.2bn with more than 1,500 Guyanese suppliers since operations began in 2015. Production from Guyana’s first project started in December 2019.
ExxonMobil operates the Stabroek Block and holds 45% interest. Hess – which was recently bought by Chevron for $53bn – holds 30% interest, and CNOOC holds the remaining 25% interest.
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