ExxonMobil Starts Production at Third Offshore Guyana Project
November 14 2023 - 8:05AM
Business Wire
- Company’s third FPSO, Prosperity, starts up ahead of schedule
and will add 220,000 barrels of oil per day
- Nearly 6,000 Guyanese support ExxonMobil activities
ExxonMobil started production today at Payara, Guyana’s third
offshore oil development on the Stabroek Block, bringing total
production capacity in Guyana to approximately 620,000 barrels per
day.
The Prosperity floating, production, storage and offloading
(FPSO) vessel is expected to reach initial production of
approximately 220,000 barrels per day over the first half of next
year as new wells come online. This additional capacity will be the
third major milestone towards reaching a combined production
capacity of more than 1.2 million barrels per day on the Stabroek
Block by year-end 2027.
“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.”
ExxonMobil Guyana anticipates six FPSOs will be in operation on
the Stabroek Block by year-end 2027. Yellowtail and Uaru, the
fourth and fifth projects, are in progress and will each produce
approximately 250,000 barrels of oil per day. The company is
working with the government of Guyana to secure regulatory
approvals for a sixth project at Whiptail.
Prosperity joins the Liza Unity as two of the world’s first
FPSOs to be awarded the SUSTAIN-1 notation by the American Bureau
of Shipping in recognition of the sustainability of its design,
documentation and operational procedures. ExxonMobil’s Guyana
developments are generating around 30% lower greenhouse gas
intensity than the average of ExxonMobil’s upstream portfolio.
According to the independent research firm Rystad Energy, they are
also among the best performing in the world with respect to
emissions intensity, outpacing 75% of global oil and gas producing
assets.
Some 6,000 Guyanese are now supporting ExxonMobil Guyana’s
activities in the country, representing more than two-thirds of the
local oil and gas workforce. The company and its direct contractors
have spent more than $1.2 billion with more than 1,500 Guyanese
suppliers since operations began in 2015. Production started in
December 2019.
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.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product
Solutions and Low Carbon Solutions – provide products that enable
modern life, including energy, chemicals, lubricants, and lower
emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
lubricants, and chemical companies in the world. ExxonMobil also
owns and operates the largest CO2 pipeline network in the United
States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas
emission-reduction plans for 2030 for operated assets, compared to
2016 levels. The plans are to achieve a 20-30% reduction in
corporate-wide greenhouse gas intensity; a 40-50% reduction in
greenhouse gas intensity of upstream operations; a 70-80% reduction
in corporate-wide methane intensity; and a 60-70% reduction in
corporate-wide flaring intensity.
With advancements in technology and the support of clear and
consistent government policies, ExxonMobil aims to achieve net-zero
Scope 1 and 2 greenhouse gas emissions from its operated assets by
2050. To learn more, visit exxonmobil.com and ExxonMobil’s
Advancing Climate Solutions.
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, schedules, initial capacities, production rates, and
resource recoveries could differ materially due to: changes in
market conditions affecting the oil and gas industry or long-term
oil and gas price levels; political or regulatory developments
including obtaining necessary regulatory permits; reservoir
performance; the outcome of future exploration efforts; timely
completion of development and construction projects; technical or
operating factors; and other factors cited under the caption
“Factors Affecting Future Results” on the Investors page of our
website at exxonmobil.com and under Item 1A. Risk Factors in our
annual report on Form 10-K. References to “recoverable resources,”
“oil-equivalent barrels,” and other quantifies of oil and gas
include estimated quantities that are not yet classified as proved
reserves under SEC definitions but are expected to be ultimately
recoverable. The term “project” can refer to a variety of different
activities and does not necessarily have the same meaning as in any
government payment transparency reports.
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