ExxonMobil starts third offshore Guyana project

ExxonMobil announced it has initiated production at Payara, the third offshore oil development in Guyana's Stabroek Block, achieving a total production capacity of approximately 620,000 barrels per day. The company's third FPSO, Prosperity, has commenced operations ahead of schedule, contributing an additional 220,000 barrels of oil per day to Guyana's burgeoning energy output.

ExxonMobil Guyana is anticipated to accomplish a significant milestone by increasing its capacity. This marks the third major step towards exceeding a combined production capacity of over 1.2 million barrels per day on the Stabroek Block by the end of 2027. With more than 6,000 Guyanese employees forming over two-thirds of the local oil and gas workforce, the company and its direct contractors have invested over $1.2 billion in collaborations with over 1,500 Guyanese suppliers since they began operations in 2015.

"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," said Liam Mallon, president of ExxonMobil Upstream Company. "We’re pleased to work in partnership with the Guyanese government to make reliable energy accessible and sustainable."

Looking into future plans for ExxonMobil Guyana, it aims to have six FPSOs operating on the Stabroek Block by the close of 2027. Current developments for Yellowtail and Uaru -the fourth and fifth projects- are ongoing. Both projects are expected to produce approximately 250,000 barrels of oil per day each. In collaboration with the Government of Guyana, ExxonMobil is actively seeking regulatory approvals for Whiptail -its sixth project-. ExxonMobil Guyana Limited manages the Stabroek Block holding a 45% stake; Hess Guyana Exploration Ltd maintains a 30% interest, while CNOOC Petroleum Guyana Limited owns a 25% stake.