Exxon, Hess Gear Up for More Guyana FPSOs

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An Exxon Mobil-led consortium is busy fleshing out plans for additional production units on Guyana's prolific Stabroek Block, potentially driving oil output toward 1 million barrels per day by 2027. Several key exploration and appraisal wells are wrapping up while others wait in the wings as part of a 12-well program this year. The partners, which include Exxon, Hess and China’s CNOOC, will soon use those results to determine which resources will underpin the fifth and sixth floating production, storage and offloading (FPSO) vessels on the block. Development plans for a fourth FPSO around the Yellowtail discovery are on track for submission to the Guyanese government by year's end (OD Jan.27'21). Although details remain outstanding, the consortium is gaining clarity over its longer-term plans for Stabroek. Exxon and Hess now talk about bringing at least six FPSOs on line by 2027 -- a move that would bump output close to 1 million b/d. Previous talking points centered around achieving 750,000 b/d of output by 2026. Stabroek Development Timeline Project Status Liza Phase 1 Operational Liza Phase 2 Start-up early 2022 Payara Start-up 2024 Yellowtail Start-up late 2025 FPSO No. 5 (poss. Mako or Turbot area) 2026? FPSO No. 6 (poss. Mako or Turbot area) 2027? FPSO No. 7-10 2027+ Source: Energy Intelligence; Hess, Exxon commentary

Exploration, Offshore Oil and Gas, Corporate Strategy
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