Latest update June 15th, 2024 7:51 PM
Nov 04, 2023 ExxonMobil, News, Oil & Gas
Payara to start pumping in two weeks…
Kaieteur News – ExxonMobil Corporation’s Senior Vice President, Neil Chapman recently disclosed that his company’s third oil project in the Stabroek Block called Payara is scheduled to start pumping oil in mid-November. This project worth a whopping US$9B is expected to produce 220,000 barrels of oil per day. Officials have said that a 10 to 20 percent ramp up of production would occur shortly after.
During his company’s 2023 third quarter earnings call, Chapman said, “We’re really encouraged by what we’re seeing in Guyana. I mean, let’s just start with the two boats that are in operation today. The Liza Destiny had a nameplate capacity of 120,000 barrels a day. We’re consistently running that at about 150,000 barrels a day.”
The Senior Vice President said the second vessel, Liza Unity, has a nameplate capacity of 220,000 barrels of oil per day but production has already jumped above 240,000 barrels a day. He said, “So those two combined are getting close to 400,000 barrels a day, which is quite a bit above. And this comes from, I would just say, good operational performance. You look at every aspect of the operations, you tweak them, you push them, and you can get more and more out.”
With respect to the Payara Project which will use a vessel called Prosperity, he said it carries a 220,000 barrels a day nameplate capacity. “We would hope, we would expect to have a similar type of uplift. There is no reason to think that we wouldn’t, but we have to start that up. The plan is to start that up in the middle of November,” the Senior Vice President said.
With those three ships alone, Chapman said Guyana would have a combined production output of 560,000 barrels a day. He noted that the intention is to take this beyond 600,000 barrels a day of production.
With respect to future projects, Chapman shared that Exxon and its partners which consist of Hess Corporation and CNOOC Petroleum Guyana Limited have three more Guyana Projects in the pipeline. These are the Yellowtail, Uaru, and then Whiptail. Chapman said these projects will use boats that are bigger than the Liza Destiny, Liza Unity and Prosperity, adding that they will each produce 250,000 barrels a day.
The Senior Vice President said the boats for Yellowtail and Uaru are already in construction. As for Whiptail, Chapman said, “We’ve submitted the development plan to the government. And we would hope and expect to reach a Final Investment Decision in 2024 for that. And that will give us a combined nameplate capacity of 1.2 million barrels a day at the end of 2027.”
The Senior Vice President was keen to note that the 1.2 million target does not include the uplift in performance Exxon has planned for its Guyana vessels. He said the company’s mission is to get maximum production out of the boats, including Payara, adding that this would redound to sweet financial returns for its shareholders and the Stabroek Block partners.
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