Latest update December 12th, 2024 1:00 AM
Exxon makes final investment decision for US$12.7B fifth project in Stabroek Block
Kaieteur News – ExxonMobil said last evening that it made a final investment decision for the Uaru development offshore Guyana after receiving the required government and regulatory approvals. The company expects Uaru, the fifth project on Guyana’s offshore Stabroek block, to add approximately 250,000 barrels of daily capacity after a targeted startup in 2026.
“Our fifth, multi-billion-dollar investment in Guyana exemplifies ExxonMobil’s long-term commitment to the country’s sustained economic growth,” said Liam Mallon, president of the ExxonMobil Upstream Company. “Our Guyana investments and unrivalled development success continue to contribute to secure, reliable global energy supplies at this critical time.”
MODEC is constructing the Floating Production Storage and Offloading (FPSO) vessel for the Uaru project, which will be called the Errea Wittu. ExxonMobil is utilizing its diversified supplier base to help reduce costs and safely accelerate development in its Guyana operations. The company’s diverse supplier base includes nearly 1,000 unique local Guyanese suppliers, exemplifying Guyana’s growing in-country supply chain capabilities.
Two FPSOs, the Liza Destiny and Liza Unity, are currently operating in offshore Guyana and safely produced an average of 375,000 barrels of oil per day in the first quarter. A third FPSO, the Prosperity, is expected to be operational later this year, adding 220,000 barrels of daily capacity from the Payara development. ExxonMobil made a final investment decision on the fourth offshore project, Yellowtail, last year. The company is targeting to have six FPSOs online by the end of 2027, bringing Guyana’s production capacity to more than 1.2 million barrels per day.
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 world with respect to emissions intensity, outpacing 75% of global oil and gas producing assets.
ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
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