–with imminent start-up of Payara project after arrival of Prosperity FPSO

EXXONMOBIL Guyana, on Tuesday, announced the arrival of the Prosperity Floating, Production, Storage, and Offloading (FPSO) vessel in Guyana waters to service the Payara project, which is expected to come on stream this year.

Constructed by SBM Offshore, the Prosperity FPSO will develop the Payara field in the offshore Stabroek Block. It has an initial production capacity of around 220,000 barrels of oil per day and an overall storage volume of two million barrels.

“The arrival of the Prosperity FPSO is a testament to the strong partnership between ExxonMobil Guyana, the government of Guyana, our co-venturers and the many suppliers that support our operations. We are excited to contribute to Guyana’s energy future and create lasting opportunities for the nation’s growth and prosperity,” ExxonMobil Guyana Production Manager, Mike Ryan, said.

The Prosperity FPSO joins the Liza Destiny and Liza Unity FPSOs, which are currently producing more than 380,000 barrels per day. Production from the Prosperity vessel is expected to push daily production to some 600,000 barrels a day in 2024.

Installation campaigns are ongoing and development drilling is underway to support Prosperity’s start-up later this year.
In July of 2021, ExxonMobil’s Senior Vice-President of exploration and new ventures had said that the Whiptail discovery increases the company’s confidence in the resource size and quality in the southeast area of the Stabroek Block and could further form a basis for future development.

At that time, ExxonMobil noted that it envisions at least six projects online by 2027, with the potential for up to 10 projects to develop the current recoverable resource base.
With several new projects ongoing, the company said that these will continue to contribute to advancement of Guyana’s economy, as more than 4,400 Guyanese are supporting activities on and offshore.

As it is now, the company has four sanctioned projects offshore Guyana. Of those, Liza Phase One is producing approximately 130,000 barrels per day, using the Liza Destiny floating production storage and offloading (FPSO) vessel, while the Liza Phase Two, which started production in February 2022, is producing 220,000 barrels per day, using the Liza Unity FPSO vessel.
The third project, Payara, is expected to produce 220,000 barrels per day, using the Prosperity FPSO. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the One Guyana FPSO comes on stream in 2025.

ExxonMobil is also moving ahead with plans for its fifth development project in the Stabroek Block, Uaru, which is expected to produce up to 250,000 barrels of oil per day.
“These projects will bring huge benefits to Guyana,” President of ExxonMobil Guyana, Alistair Routledge, said during a brief interview released by ExxonMobil.

It was reported that returns from the sector are expected to catapult Guyana to the ranks of wealthiest countries in the Western Hemisphere, thereby increasing the government’s fiscal space to invest in initiatives geared at expanding the economy, and improving the overall welfare of citizens.

In order to solidify the foundation of Guyana’s economy and enhance the overall well-being and welfare of every Guyanese, the government has said that it is crafting a framework for development that will be sustained through prudent and effective investment of oil funds into education, health, infrastructure and the non-oil sectors.