ExxonMobil Guyana has said that its combined investments in Guyana, where it is currently producing oil in the Stabroek Block offshore, will hit US$55 billion in 2027 by which time its fifth and sixth projects will come on stream.
ExxonMobil Guyana currently has several projects in the development phase in Guyana, such as its Yellowtail project which will be serviced by the ONE GUYANA Floating Production Storage and Offloading (FPSO) vessel. During a recent press conference, the company’s President Alistair Routledge, spoke of these investments and the collective value they bring.
“Next up of course is the Yellowtail Project, which develops the Yellowtail, some Tilapia reservoirs. That is on course, as planned, by the end of 2025. The FPSO is in Singapore. All of the modules have been fabricated and installed on the topsides of the FPSO.”
“And the company over there is integrating all those modules, so they are fully integrated. Both from a controls point of view and then, of course, fluids that flow between the different units and modules on the FPSO,” Routledge said.
According to the oil executive, work on this FPSO is expected to conclude by this year’s end, followed by the vessel being christened in January and arriving in Guyana in the 2025 second quarter. When the ONE GUYANA FPSO, comes on stream, it will produce as much as 250,000 barrels of oil per day. Taking Exxon’s next fourth, fifth and sixth projects into account, the company’s investments offshore Guyana will be US$55 billion by 2027.
“We anticipate that work will be concluding around the end of this year. We’re looking forward to a naming ceremony and christening of the vessel, in early January, prior to the vessel setting sail in the first quarter. And it should arrive in Guyana in the second quarter of 2025. A lot of the subsea installation activities have been ongoing. Drilling, the production development wells, all of that is on course so we’ll be able to bring everything together and then integrate installation campaigns through the summer.”
“So very much on schedule and you’ll recall this FPSO is the first one that starts with a planned capacity of 250,000 barrels per day. We’re also moving on schedule for the Uaru Project, The fifth project and development, and the Whiptail Project. Both of those are slated for the 2027 start-up. The teams continue to work towards earlier dates if possible. But the good news is that those are feasible. Those collective six projects bring the combined investment commitment in Guyana to some US$55 billion.”
Esso Exploration and Production Guyana Limited (EEPGL), Exxon’s local subsidiary, is the operator of the Stabroek Block, and holds a 45 per cent interest then, while Hess Guyana Exploration Ltd holds a 30 per cent interest, and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest.
At present, Exxon is producing oil from three developments offshore Guyana… the Liza Phase One and Two, which use the Liza Destiny and Unity FPSO and the Payara Project, which uses the Prosperity FPSO. All these projects are located in the Stabroek block.
The Prosperity FPSO vessel started pumping oil in November of last year and so far, its daily production rate has risen to above 200,000 barrels of oil. Combined, the Liza Destiny, Unity and Prosperity FPSO vessels produced over 625,000 barrels of oil per day.
Guyana is expected to pump out over 220 million barrels of oil for the entirety of 2024. It is estimated that when the Yellowtail development project comes on stream, production will climb to 810,000 barrels per day by 2027. Additionally, Exxon has already received approvals for and is advancing preparatory works on its fifth and sixth projects, Uaru and Whiptail
