Fossil Energy – Guyana
ExxonMobil said on Friday it started production at Guyana’s second offshore oil development on the Stabroek Block, Liza Phase 2, bringing total production capacity to more than 340,000 barrels per day in only seven years since the country’s first discovery.
Production at the Liza Unity floating, production, storage and offloading (FPSO) vessel is expected to reach its target of 220,000 barrels of oil later this year, as operations continue to be brought safely online. It adds to the more than 120,000 barrels per day of capacity at the Liza Destiny FPSO, which began production in December 2019 and is now delivering at better than design capacity.
The Stabroek Block’s recoverable resource base is currently estimated at more than 10 billion oil-equivalent barrels.
“We are collaborating closely with the government and people of Guyana to develop this world-class resource responsibly, helping to meet the world’s energy needs and delivering enhanced value for all stakeholders at a record pace and well ahead of the industry average,” said Liam Mallon, president, ExxonMobil Upstream Oil and Gas. “With unparalleled project execution, we now have two production facilities operating offshore Guyana.”
The current resource has the potential to support up to 10 projects. ExxonMobil anticipates that four FPSOs with a capacity of more than 800,000 barrels per day will be in operation on the Stabroek Block by year-end 2025.
Payara, the third project in the Stabroek Block, is expected to produce approximately 220,000 barrels of oil per day using the Prosperity FPSO vessel, which is currently under construction. The field development plan and application for environmental authorization for the Yellowtail project, the fourth project in the block, have been submitted for government and regulatory approval.
Timely development of these additional projects and continued exploration success offshore will enable the steady advancement of Guyanese capabilities and enhanced economic growth