ExxonMobil Begins Production at the Payara Offshore Oil Development

ExxonMobil announced the beginning of production at the Payara offshore oil development in Guyana’s Stabroek Block, elevating the country’s total oil production capacity to approximately 620,000 barrels per day.

“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.”

The company’s floating, production, storage, and offloading (FPSO) vessel, called the Prosperity, is slated to reach an initial production of approximately 220,000 barrels per day as the wells become operational during the first half of 2024. The Prosperity’s additional capacity will contribute towards a goal of reaching a combined production capacity of more than 1.2 million barrels per day on the Stabroek Block by the end of 2027.

An ExxonMobil FPSO vessel off the coast of Guyana; Image Credits: ExxonMobil Corp.

ExxonMobil Guyana expects six FPSO vessels to be operational on the Stabroek Block by year-end 2027. The Yellowtail and Uaru projects are in progress and will each produce an approximate 250,000 barrels of oil per day. ExxonMobil is currently cooperating with Guyana’s government to receive regulatory approvals for an additional project at the Whiptail well.

The Prosperity FPSO vessel has been awarded the SUSTAIN-1 notation by the American Bureau of Shipping for its design sustainability, documentation, and operational procedures. ExxonMobil has enlisted the services of over 6,000 Guyanese workers to support the company’s oil and gas operations throughout the country.