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ExxonMobil began production today from its Payara project offshore Guyana, according to a company statement on its website.
Payara is located in the coveted Stabroek Block and will increase Guyana’s crude oil production to 620,000 barrels of oil per day.
Exxon’s third FPSO, Prosperity, has started up ahead of schedule and will add 220,000 bpd, Exxon said. The original deadline for the FPSO was the first half of next year as new wells came online.
“Each new project supports economic development and access to resources that will benefit Guyanese communities while also helping to meet the world’s energy demand,” Liam Mallon, ExxonMobil upstream Company president, said on Tuesday, adding that they were “pleased to work in partnership with the Guyanese government to make reliable energy accessible and sustainable.”
Exxon plans to have six FPSOs in operation in the Stabroek Block by the end of 2027, with Yellowtail and Uara—the fourth and fifth projects—now underway and expected to contribute another 250,000 bpd each.
Rystad has referred to Exxon’s Guyana developments as among the best performing in the world with respect to emissions intensity.
ExxonMobil Guyana Limited operates the Stabroek Block and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest, Exxon said.
Guyana has been referred to as the world’s hottest offshore frontier oil play, and Exxon, through its consortium, controls the 6.6 million acre Stabroek Block, which has to date seen more than 30 world-class oil discoveries containing more than an estimated 11 billion barrels of oil resources.
These resources could put Guyana on the map as a major global oil producer and a significant driver of production growth for Exxon.
By Julianne Geiger for Oilprice.com
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.