(Source: Shutterstock.com)
Exxon Mobil Corp. is eyeing gross production of 620,000 bbl/d offshore Guyana in the Stabroek Block over the short-term with the start-up of its third project Payara, which has a production capacity of 220,000 bbl/d.
The project started ahead of schedule and is expected to reach its nameplate production capacity in the first half of 2024 as new wells are brought online, both Exxon and Hess Corp. said Nov. 14 in separate press releases.
Texas-based Exxon expects to have six floating production, storage and offloading (FPSO) units in Stabroek with a gross production capacity of 1.2 MMbbl/d by year-end 2027. Hess reiterated there is potential for up to 10 FPSOs to develop the estimated gross discovered recoverable resources in Stabroek of over 11 Bboe.
Gross combined production from first project Liza Phase 1 (using the FPSO Destiny) and the second one Liza Phase 2 (using the FPSO Unity) is around 400,000 bbl/d. The addition of the third project Payara will take production to 620,000 bbl/d. The FPSO for the Payara project, named Prosperity, is moored in water depth of around 6,300 ft and will develop a resource base estimated at over 600 MMbbl of oil, according to Hess.
Two additional projects in Stabroek are in progress. The fourth project Yellowtail will add production of 250,000 bbl/d, while the fifth project Uaru will add another 250,000 bbl/d. Exxon continues to work with the Guyana government to secure regulatory approvals for the sixth project Whiptail.
Exxon operates Stabroek with a 45% interest with partners Hess (30%) and CNOOC (25%). Chevron Corp.’s $53 billion all-stock deal to acquire Hess will see the California-based company team up with Exxon as the two most dominant players in both the block and the country as a whole.
RELATED: Exxon Mobil Completes $1.26B Purchase of FPSO Liza Unity
“Exxon’s Guyana developments are generating around 30% lower greenhouse gas intensity than the average of Exxon Mobil’s upstream portfolio,” the company said in its press release.
The Guyana projects are “also among the best performing in the world with respect to emissions intensity, outpacing 75% of global oil and gas producing assets,” Exxon said in the release, citing details from Rystad Energy.
Recommended Reading
Oil Jumps 4% After Trump Pauses Tariffs on Many Countries, Raises China Levy
2025-04-09 - Oil prices bounced back after U.S. President Donald Trump said he would further increase tariffs on China but pause the tariffs he announced last week for most other countries.
Oil Prices Fall into Negative Territory as Trump Announces New Tariffs
2025-04-02 - U.S. futures rose by a dollar and then turned negative over the course of Trump's press conference on April 2 in which he announced tariffs on trading partners including the European Union, China and South Korea.
Oil Prices Extend Losses on Global Trade War, Recession Fears
2025-04-04 - Investment bank JPMorgan said it now sees a 60% chance of a global economic recession by year-end, up from 40% previously.
E&P Execs Level Scathing Criticism at Trump's Drill Baby Drill 'Myth'
2025-03-26 - E&P executives pushed back at the Trump administration’s “drill, baby, drill” mantra in a new Dallas Fed survey: “’Drill, baby, drill,’ does not work with [$50/bbl] oil,” one executive said.
Trump to Host Top US Oil Chief Executives as Trade Wars Loom
2025-03-19 - U.S. President Donald Trump will host top oil executives at the White House on March 19 as he charts plans to boost domestic energy production in the midst of falling crude prices and looming trade wars.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.