In addition to the SBM Offshore FPSO, it is estimated that another 10 projects will be implemented, destined for the oil development of Guyana, together with ExxonMobil
SBM Offshore confirmed on Monday (4) that it will build the largest FPSO in its history, after signing an agreement with ExxonMobil, to be deployed within the Yellowtail project, in Guyana, as soon as the American oil company receives government approvals. and regulatory licenses. Yellowtail, from now on, will be the fourth and biggest project of ExxonMobil on the Stabroek Block. The estimate is that there will be a production of approximately 250 thousand barrels of oil per day, but only from 2025. The production of the FPSO vessel, which was named One Guyana, will develop approximately 900 million barrels of oil. The $10 billion project will include approximately 6 drilling centers with up to 67 development wells.
Contract between SBM Offshore and ExxonMobil will result in investments in the Yellowtail project
On the first Tuesday of April (5), SBM Offshore reported that ExxonMobil affiliate, the Esso Exploration and Production Guyana Limited, has already confirmed the executive contract expropriation process to streamline the Yellowtail development project, located on the Stabroek Block in Guyana. SBM Offshore intends to build, install, lease and commission the One Guyana FPSO over a period of approximately two years.
At the end of the period, ownership and operation of the FPSO will pass to the ExxonMobil affiliate. The project is based on the completion of the front-end engineering and design studies, received after the issuance of the necessary government approvals and the final decision of amounts to be invested in the project, by ExxonMobil and the co-venturers.
Learn more about the ONE project
The One Guyana FPSO project is based on the Fast4Ward program, prepared by SBM Offshore, which is responsible for incorporating the company's new multifunctional floating hull, associated with several duly standardized topside modules. It is estimated that the FPSO is being designed to produce around 250.000 barrels of oil per day, in addition to having an associated gas treatment capacity of 450 million cubic feet per day, not to mention a water injection capacity of 300.000 barrels daily.
The FPSO will be moored in a water depth of around 5.900 feet and will be able to store around 2 million barrels of crude oil. A SBM Offshore stated that it will continue to carry out its work with companies in Guyana, in addition to continuing to recruit Guyanese engineers for the One Guyana FPSO project team.
Regarding the turnkey phase of the project, operations will be carried out by a specific company, pre-established by SBM Offshore and McDermott. SBM Offshore has a 70% ownership and McDermott has a 30% stake in this company. However, the One Guyana FPSO will be wholly owned by SBM Offshore.
Future projects
With ExxonMobil's process of offshore exploration underway in Guyana, it was possible to discover that there is a recoverable resource of more than 10 billion barrels equivalent to oil.
ExxonMobil already has a perspective that around 10 projects will be applied in the Stabroek Block to enable the development of this resource. Currently, the company has been exploring for oil through the FPSO Liza Unity, which managed to produce its first oil on February 11, 2022, and the FPSO Liza Destiny, which started oil production a long time ago, in mid-December. of 2019.
