ExxonMobil is moving forward with its $9-billion offshore Payara field development in Guyana after reaching a final investment decision (FID) and securing government approvals.
Payara is the third project in the Stabroek Block, expected to produce up to 220,000 B/D after startup in 2024 using the Prosperity floating production, storage and offloading (FPSO) vessel. The development also targets an estimated resource base of about 600 million BOE, with 10 drill centers planned with up to 41 wells, including 20 production and 21 injection wells.
The Payara FID comes after the operator’s first offshore Guyana project,Liza Phase 1, began production in late 2019. Liza Phase 2 remains on track for early 2022 production, which will yield up to 220,000 B/D at peak rates using the Liza Unity FPSO, currently under construction in Singapore.
ExxonMobil said is evaluating additional development opportunities in the Stabroek Block, including Redtail, Yellowtail, Mako, and Uaru resources, with plans for five drillships operating offshore Guyana by the end of 2020.
The Stabroek Block is 6.6 million acres (26,800 km2) with recoverable resources estimated at more than 8 BOE. The 18 discoveries on the block established potential for at least five FPSO vessels producing more than 750,000 B/D by 2026.
ExxonMobil affiliate Esso Exploration and Production Guyana is operator of the Stabroek with a 45% interest. Hess Guyana Exploration holds 30% interest and CNOOC Petroleum Guyana holds 25%.