ExxonMobil to Proceed with Payara Development Offshore Guyana
01 Octobre 2020 - 12:38AM
Business Wire
- Third Guyana development receives final investment decision
following government approval
- Production to begin in 2024; production capacity of 220,000
barrels per day
- ExxonMobil grows Guyanese workforce with project development
and investment
ExxonMobil (NYSE:XOM) has made its final investment decision to
proceed with the Payara field offshore development in Guyana after
receiving government approvals. Payara is the third project in the
Stabroek Block and is expected to produce up to 220,000 barrels of
oil per day after startup in 2024, using the Prosperity floating
production, storage and offloading (FPSO) vessel.
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The $9 billion development will target an estimated resource
base of about 600 million oil-equivalent barrels. Ten drill centers
are planned along with up to 41 wells, including 20 production and
21 injection wells.
“ExxonMobil is committed to building on the capabilities from
our Liza Phase 1 and 2 offshore oil developments as we sanction the
Payara field and responsibly develop Guyana’s natural resources,”
said Liam Mallon, president of ExxonMobil Upstream Oil & Gas
Company. “We continue to prioritize high-potential prospects in
close proximity to discoveries and maximize value for our partners,
which includes the people of Guyana.”
ExxonMobil’s first offshore Guyana project, Liza Phase 1, began
producing in late 2019, well ahead of the industry average for
development time. Liza Phase 2, remains on track to begin producing
oil by early 2022. It will produce up to 220,000 barrels of oil per
day at peak rates using the Liza Unity FPSO, which is under
construction in Singapore.
ExxonMobil is evaluating additional development opportunities in
the Stabroek Block, including Redtail, Yellowtail, Mako and Uaru
resources, and plans to have five drillships operating offshore
Guyana by the end of this year.
As new projects proceed, investment in the Guyana economy
increases. More than 2,000 Guyanese are now supporting project
activities on and offshore, a 50 percent increase since 2019.
ExxonMobil and its prime contractors have spent over $300 million
with more than 700 local companies since 2015. More than 2,500
Guyanese companies are registered with the Centre for Local
Business Development, which was founded by ExxonMobil and its
co-venturers in 2017 to build local business capacity to support
global competitiveness.
The Stabroek Block is 6.6 million acres (26,800 square
kilometers) with current discovered recoverable resources estimated
at more than 8 billion oil-equivalent barrels. The 18 discoveries
on the block to date have established the potential for at least
five FPSO vessels producing more than 750,000 barrels of oil per
day by 2026.
ExxonMobil affiliate Esso Exploration and Production Guyana
Limited is operator and holds 45 percent interest in the Stabroek
Block. Hess Guyana Exploration Ltd. holds 30 percent interest and
CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC
Limited, holds 25 percent interest.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. To learn more, visit exxonmobil.com and
the Energy Factor.
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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, 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; restrictions in trade, travel or
broader government responses to first or subsequent waves of
COVID-19; reservoir performance; the outcome of future exploration
and development efforts; technical or operating factors; the
outcome of commercial negotiations; unexpected technological
breakthroughs or challenges; 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 and quarterly reports on Form 10-Q.
References to “recoverable resource,” “oil-equivalent barrels,” and
similar terms in this release include quantities that are not yet
classified as proved reserves under SEC rules but that are expected
to be ultimately recoverable.
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