ExxonMobil Boosts Guyana’s Oil Production With Payara Project Kickoff

The content originally appeared on: News Americas Now

News Americas, GEORGETOWN, Guyana, Weds. Nov. 15, 2023: ExxonMobil has initiated production at the Payara project, Guyana’s third offshore oil development located on the Stabroek Block. This significant milestone elevates Guyana’s total production capacity to an estimated 620,000 barrels per day.

The Prosperity Floating, Production, Storage, and Offloading, (FPSO), vessel is projected to achieve an initial production rate of around 220,000 barrels per day by the first half of the next year, marking the third critical step towards reaching a combined production capacity exceeding 1.2 million barrels per day on the Stabroek Block by the close of 2027.

Liam Mallon, President of ExxonMobil Upstream Company, highlighted the positive impact of each new project on economic development and resource accessibility for Guyanese communities. The company envisions operating six FPSOs on the Stabroek Block by the end of 2027, with Yellowtail and Uaru as the ongoing fourth and fifth projects, each anticipated to produce approximately 250,000 barrels of oil per day. ExxonMobil is actively collaborating with the Guyanese government to secure regulatory approvals for a sixth project at Whiptail.

Prosperity, like the Liza Unity, has been recognized with the SUSTAIN-1 notation by the American Bureau of Shipping, emphasizing the sustainability of its design, documentation, and operational procedures. ExxonMobil’s Guyana developments showcase a remarkable 30% reduction in greenhouse gas intensity compared to the average of its upstream portfolio. According to Rystad Energy, an independent research firm, these developments are among the world’s best performers in terms of emissions intensity, surpassing 75% of global oil and gas producing assets.

With over 6,000 Guyanese supporting ExxonMobil’s operations, the company has made substantial economic contributions, with more than $1.2 billion spent with over 1,500 local suppliers since the commencement of operations in 2015. The production at Payara marks a continued commitment to reliable and sustainable energy for Guyana.