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ExxonMobil Makes FID for Payara Development Offshore Guyana
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Exxon Mobil Corporation (XOM - Free Report) recently made a final investment decision for the Payara field, following the receipt of Guyana government approvals for the development plan. This offshore oil development in Guyana is marked as the third one by the company, following the two phases of Liza.
The Payara project is expected to produce 220,000 barrels of oil per day and come online in 2024. It will likely use the Prosperity floating production, storage and offloading (FPSO) vessel. The development of the field, located in the Stabroek Block, is expected to cost $9 billion and have a resource base of 600 million barrels of oil equivalent. The company has planned 10 drill centers for the project. A total of 41 wells will likely be drilled at the site, of which 20 will be production wells and the rest will be for injection purposes.
The company kickstarted Liza Phase 1 production during 2019-end, while the Liza Phase 2 is scheduled to come online in early 2022. The phase 2 will use the Liza Unity FPSO, which is being built in Singapore. Gross oil production capacity from the three developments in the Stabroek Block is expected to reach 560,000 barrels per day in 2024. The company is looking for additional development opportunities in the 6.6 million acres block that incorporates Redtail, Yellowtail, Mako and Uaru resources. It intends to operate five drillships off the coast of Guyana by 2020-end.
ExxonMobil has made 18 world-class oil discoveries at the Stabroek Block in the South American country. The company estimates gross recoverable resource of more than 8 billion oil-equivalent barrels from the region. Moreover, the firm projects daily Guyana oil production volumes of more than 750,000 gross barrels by 2026. ExxonMobil is expected to gain massive profits from oil production in the region. In South America, the company recently made another hydrocarbon discovery at the Naru well in the C-M-657 block in the pre-salt Campos Basin offshore Brazil, wherein Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) is the chief operator.
The oil discoveries in Guyana are expected to transform its poor economy in the coming days. Notably, Guyana’s name was added to the list of oil-producing countries late last year. With new projects coming online, investment in the country’s economy is bound to go up. More than 2,000 local personnel are now involved in both onshore and offshore operations.
Esso Exploration and Production Guyana Limited, a subsidiary of ExxonMobil, is the operator in the Stabroek Block with a 45% stake. The respective subsidiaries of Hess Corporation (HES - Free Report) and CNOOC Limited (CEO - Free Report) have 30% and 25% interest in the block.
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Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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ExxonMobil Makes FID for Payara Development Offshore Guyana
Exxon Mobil Corporation (XOM - Free Report) recently made a final investment decision for the Payara field, following the receipt of Guyana government approvals for the development plan. This offshore oil development in Guyana is marked as the third one by the company, following the two phases of Liza.
The Payara project is expected to produce 220,000 barrels of oil per day and come online in 2024. It will likely use the Prosperity floating production, storage and offloading (FPSO) vessel. The development of the field, located in the Stabroek Block, is expected to cost $9 billion and have a resource base of 600 million barrels of oil equivalent. The company has planned 10 drill centers for the project. A total of 41 wells will likely be drilled at the site, of which 20 will be production wells and the rest will be for injection purposes.
The company kickstarted Liza Phase 1 production during 2019-end, while the Liza Phase 2 is scheduled to come online in early 2022. The phase 2 will use the Liza Unity FPSO, which is being built in Singapore. Gross oil production capacity from the three developments in the Stabroek Block is expected to reach 560,000 barrels per day in 2024. The company is looking for additional development opportunities in the 6.6 million acres block that incorporates Redtail, Yellowtail, Mako and Uaru resources. It intends to operate five drillships off the coast of Guyana by 2020-end.
ExxonMobil has made 18 world-class oil discoveries at the Stabroek Block in the South American country. The company estimates gross recoverable resource of more than 8 billion oil-equivalent barrels from the region. Moreover, the firm projects daily Guyana oil production volumes of more than 750,000 gross barrels by 2026. ExxonMobil is expected to gain massive profits from oil production in the region. In South America, the company recently made another hydrocarbon discovery at the Naru well in the C-M-657 block in the pre-salt Campos Basin offshore Brazil, wherein Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) is the chief operator.
The oil discoveries in Guyana are expected to transform its poor economy in the coming days. Notably, Guyana’s name was added to the list of oil-producing countries late last year. With new projects coming online, investment in the country’s economy is bound to go up. More than 2,000 local personnel are now involved in both onshore and offshore operations.
Esso Exploration and Production Guyana Limited, a subsidiary of ExxonMobil, is the operator in the Stabroek Block with a 45% stake. The respective subsidiaries of Hess Corporation (HES - Free Report) and CNOOC Limited (CEO - Free Report) have 30% and 25% interest in the block.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>