HOUSTON - ExxonMobil (NYSE:XOM) has made significant strides in its operations at the Stabroek Block in Guyana, with the Prosperity floating production storage and offloading (FPSO) vessel set to commence initial production of approximately 220,000 barrels per day in the first half of next year. This step is part of a broader plan to ramp up the block's production capacity to over 1.2 million barrels per day by the end of 2027.
The oil giant's ambitious scheme includes the deployment of six FPSOs, including the ongoing Yellowtail and Uaru projects, as well as the Whiptail project, which is currently awaiting regulatory approval. The Prosperity and Liza Unity FPSOs have been recognized with the SUSTAIN-1 notation from the American Bureau of Shipping, underscoring ExxonMobil's commitment to sustainable design and operations.
According to Rystad Energy, ExxonMobil's developments in Guyana are estimated to have a greenhouse gas intensity that is about 30% lower than the company's average upstream portfolio. Since beginning operations in December 2019, ExxonMobil and its contractors have infused over $1.2 billion into the local economy through partnerships with more than 1,500 Guyanese suppliers. The company employs about 6,000 local workers, representing over two-thirds of the oil and gas workforce in Guyana.
ExxonMobil Guyana Limited holds a commanding 45% interest in operating the Stabroek Block, with Hess (NYSE:HES) Guyana Exploration Ltd. and CNOOC (NYSE:CEO) Petroleum Guyana Limited holding 30% and 25% stakes respectively.
In an additional move towards sustainability, ExxonMobil has unveiled plans to reduce Scope 1 and 2 greenhouse gas emissions by 2030 relative to 2016 levels. These efforts are backed by its primary business segments—Upstream, Product Solutions, and Low Carbon Solutions—and supported by what is claimed to be the largest CO2 pipeline network in the United States.
Today's announcement follows closely on the heels of ExxonMobil initiating production at Payara, another key project within Guyana's Stabroek Block. Liam Mallon, president of ExxonMobil Upstream Company, emphasized both the economic and resource benefits that these projects bring to Guyana.
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