Payara oil field : ExxonMobil launches production to boost Guyana’s oil output to 620,000bpd
ExxonMobil has initiated production at the Payara oil field, Guyana’s third offshore oil development on the Stabroek Block. This major move elevates the total production capacity in Guyana to an impressive 620,000 barrels per day (bpd).
Prosperity FPSO: A Leap Forward in Oil Production
The company’s third Floating Production, Storage and Offloading (FPSO) vessel, Prosperity, has started operations ahead of schedule. Prosperity is poised to add 220,000 barrels of oil per day from the Payara oil field, marking a significant step towards reaching a combined production capacity of over 1.2 million barrels per day on the Stabroek Block by the end of 2027.
Economic and Environmental Impact in Guyana
Liam Mallon, president of ExxonMobil Upstream Company, highlighted the project’s role in supporting economic development and meeting global energy demands. “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,” Mallon stated. Prosperity, alongside Liza Unity, has been recognized for sustainability, receiving the SUSTAIN-1 notation by the American Bureau of Shipping.
ExxonMobil begins production at the Payara oil field to boost Guyana’s oil output to 620,000bpd
Future Developments and Local Workforce Engagement
ExxonMobil Guyana anticipates having six FPSOs operational on the Stabroek Block by 2027, with Yellowtail and Uaru, the fourth and fifth projects, currently in progress. These developments are expected to further increase oil production capacities. Additionally, about 6,000 Guyanese are now contributing to ExxonMobil Guyana’s activities, representing a significant portion of the local oil and gas workforce. The company’s investment in the region, exceeding $1.2 billion with local suppliers since 2015, underscores its commitment to the local economy.
Partnership and Operations on Stabroek Block
ExxonMobil Guyana Limited operates the Stabroek Block with a 45% interest, in partnership with Hess Guyana Exploration Ltd., holding a 30% interest, and CNOOC Petroleum Guyana Limited, owning a 25% interest.
The commencement of production at the Payara oil field and the start-up of Prosperity FPSO reflect ExxonMobil’s continued expansion in Guyana’s offshore oil sector, contributing significantly to the country’s economic development and positioning Guyana as a key player in the global energy market.