The new FPSO will have a production capacity of 250 barrels of oil per day after completion. The contract between Modec and ExxonMobil provides for the use of state-of-the-art technology in the vessel's construction project.

The oil and natural gas exploration company ExxonMobil has just signed a major contract for its future in the international market. It recently signed an agreement with Modec for the construction of a new FPSO platform in Guyana. The development company vessels will be responsible for the Front End Engineering and Design (FEED) part of the oil company's new project, thus ensuring cutting-edge technology on the platform.

ExxonMobil hires Modec to develop the FEED construction project for its new FPSO platform in Guyana

Modec continues to expand its presence in the Latin American oil market and has just signed a major deal with ExxonMobil. 

The oil company hired the construction company to develop a project to build a floating production, storage and offloading (FPSO) vessel in Guyana. 

It will feature Modec's new M350 construction design, and will also be the company's first unit in Guyana and the 18th FPSO/FSO vessel delivered by the company for use in South America.

ExxonMobil expects to be able to significantly and efficiently expand its presence in the Latin American market. 

This is because the project for the new FPSO provides for a production capacity of 250 thousand barrels of oil per day, a gas treatment capacity of 540 million cubic feet per day and the possibility of injecting water of 350 thousand barrels per day.

The installation of the oil and natural gas exploration and production platform will take place at a depth of 2 meters, using a spreading mooring system (SOFEC).

Finally, Modec and ExxonMobil confirmed that the new vessel will also have a storage capacity of 2 million barrels of crude oil. 

Thus, this FPSO will be the oil company's big bet for its growth in the local market, while the construction company expects to attract new ventures after the delivery of the project. 

The FPSO project is still in its early stages, but the company is already celebrating the possibility of showing its work in the Guyana region

The selection of Modec by ExxonMobil for the development of the new FPSO construction project with state-of-the-art technology in Guyana was a very pleasant surprise for the company. 

Modec's president and CEO, Takeshi Kanamori, highlighted the importance of the undertaking for the company.

“We are extremely honored and proud to be selected to provide the FEED services of an FPSO for the UARU project. We are proud of our solid track record of delivering successful projects in South America and look forward to cooperating with our customer and their partners to make this project a success,” he said. 

The initiation of the FEED contract with ExxonMobil is directly linked to the financing of the company's subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), to start construction work on the FPSO. 

Thus, after FEED and subject to governmental approval of the development plan in Guyana, the sanction of the project includes final investment decision by ExxonMobil and the release of the second phase (EPCI) of work by EEPGL.

In addition to the initial construction project, ExxonMobil expects that Modec will also be responsible for operating the FPSO for the first 10 years of activity.