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While Brazil Showed Uncertainty About Oil Exploration in the Equatorial Margin, Guiana Is Thriving with New FPSO Project
Amid apparent stubbornness on the part of Environment Minister Marina Silva and Ibama, Brazil watches the loss of billion-dollar opportunities by not exploring the Equatorial Margin, located off the coast of Amapá. While Petrobras faces obstacles to obtain permits, neighboring Guiana serves as an example, producing over 600,000 barrels of oil per day and aiming for even more.
Recently, according to PetroNotícias, Dutch company SBM Offshore announced it has won a contract to carry out the Front End Engineering and Design (FEED) of a new floating production storage and offloading unit (FPSO) for ExxonMobil. The FPSO will be deployed at the Whiptail field, located off the coast of Guiana, and will be the sixth deepwater oil development project by ExxonMobil in the so-called Stabroek block.
SBM Offshore Contract with ExxonMobil: Exploring Wealth in Guiana
The vessel is being designed to produce about 250,000 barrels of oil per day, along with an associated gas treatment capacity of 15 million cubic meters per day and a water injection capacity of 300,000 barrels per day.
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The lack of action and apparent resistance regarding oil and gas exploration in Brazil, especially in the Equatorial Margin, represents a significant loss of economic opportunities for the country. While in Guiana, ExxonMobil and companies like SBM Offshore are seeking new ways to leverage natural resources, Brazil hesitates.
Second Phase of the Contract: Future Development
SBM Offshore is ready for the next phase of the contract as soon as the FPSO project receives government approvals in Guiana and ExxonMobil makes its final investment decision. The company will start construction of the vessel, and according to the contractual terms, ownership of the FPSO will be transferred to ExxonMobil at the end of the construction phase, before operations begin in Guiana.
SBM Offshore will use its industry-leading Fast4Ward® program to design and build the FPSO. The company will utilize the Multi-Purpose Floater hull, its seventh new build, combined with various standardized topside modules. Anchored in water depths of about 1,630 meters, the FPSO will have the capacity to store approximately 2 million barrels of crude oil.
Opportunities in Guiana
Guiana is capitalizing on opportunities in its deep waters, attracting significant investments and promoting economic development. With cutting-edge technology and strategic partnerships, neighboring countries are shaping the future of oil exploration in the region, while Brazil watches it all unfold.
