ExxonMobil has announced that it has commenced production at the Payara Field. The Payara Field is the third significant offshore development in the Stabroek Block. The Prosperity floating, production, storage, and offloading (FPSO) vessel at Payara is gearing up for an initial daily production of approximately 220,000 barrels in the upcoming year. This will move the country’s daily output to an unprecedented peak of $620,000 barrels
Notably, this surge is a critical component of ExxonMobil Guyana’s strategy to boost the combined production capacity on the Stabroek Block to over 1.2 million barrels per day by the end of 2027. According to Liam Mallon, President of ExxonMobil Upstream Company, “each new project not only bolsters Guyana’s economic development but also caters to global energy demands,” and highlights the facts that the project’s significance extends beyond production figures.
Moreover, ExxonMobil plans to have six FPSOs operational on the Stabroek Block by 2027. The ongoing Yellowtail and Uaru projects, along with the planned Whiptail project, are expected to contribute significantly to this goal, each yielding about 250,000 barrels per day. The company is collaborating with the Guyanese government to secure regulatory approvals for these projects.
In a move acknowledging environmental responsibility, the Prosperity and Liza Unity FPSOs have been recognized with the SUSTAIN-1 notation by the American Bureau of Shipping, a nod to their sustainable design and operations. Rystad Energy, an independent research firm, ranks these Guyanese developments among the world’s most efficient in emissions intensity, surpassing 75% of global oil and gas-producing assets.
More than 6,000 Guyanese, over two-thirds of the local oil and gas workforce, are now employed in ExxonMobil Guyana’s operations. Since beginning its operations in 2015, the company has infused over $1.2 billion into the local economy and engaged with more than 1,500 local suppliers.
With ExxonMobil Guyana’s expansion since its initial production in December 2019, Guyana is not only reshaping its economic landscape but also steadily emerging as a key player in the global energy market.