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US$ 1.26 Billion: SBM Offshore Receives Investment From ExxonMobil for FPSO Purchase in Inaugural Oil Development Project

Written by Roberta Souza
Published on 11/11/2023 at 10:12
exxonmobil, FPSO, SBM, offshore, navio
Reprodução google imagens / Energy Offshore
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ExxonMobil, Renowned Energy Company From The United States, Made A Significant Payment Of Approximately US$ 1.26 Billion To SBM Offshore, Dutch Operator Specialized In FPSO

According to Offshore Energy, ExxonMobil, a giant from the United States in the energy sector, surprises the market by making an impressive payment of US$ 1.26 billion to SBM Offshore, a Dutch operator specialized in FPSOs (Floating Production, Storage And Offloading Vessels). This transaction marks a significant milestone in the development of ExxonMobil’s first oil project off the coast of Guyana.

The highlight of this agreement is the acquisition of the FPSO Liza Unity, the purchase of which allows ExxonMobil Guyana to take ownership of the unit, while SBM Offshore retains responsibility for operation and maintenance until 2033. This integrated operations model, initiated in 2023, has proven effective, combining SBM Offshore’s expertise with ExxonMobil’s operational excellence.

The net cash contribution, totaling around US$ 1.26 billion, will primarily be used to reimburse project financing, significantly reducing the net debt position of SBM Offshore. The robust financial strategy underscores the mutual confidence between the two companies in this offshore venture.

Promising Future: ExxonMobil And SBM Offshore Drive Development In The Stabroek Block

The Liza field, located in the Stabroek block, is operated by ExxonMobil’s affiliate, Esso Exploration and Production Guyana, with partners Hess Guyana Exploration and CNOOC Petroleum Guyana. Currently, the block has two FPSOs: the Liza Destiny vessel, operational since December 2019, and the newest, the Liza Unity vessel, in production since February 2022.

The FPSO Liza Unity, anchored in a water depth of approximately 1,650 meters, is a milestone not only for its capacity to store 2 million barrels of oil, but also for being recognized by the American Bureau of Shipping with the SUSTAIN-1 notation. This is a unique achievement for SBM Offshore, being the world’s first FPSO to receive this distinction, highlighting its commitment to sustainability.

A Strategic Partnership Between ExxonMobil And SBM Offshore

The partnership between ExxonMobil and SBM Offshore does not stop there. Recently, SBM Offshore secured a contract for the engineering and front-end design (FEED) of a new FPSO, intended for ExxonMobil’s sixth deepwater oil development project in the offshore Stabroek block of Guyana. This will be the fifth FPSO constructed by SBM Offshore for operations in Guyana, further consolidating its presence in the market.

Based on ExxonMobil’s ambitious plans, the expectation is that by the end of 2027, six FPSO vessels will be online in the Stabroek block, achieving a gross production capacity of more than 1.2 million barrels of oil per day. This projection indicates the potential for up to ten FPSOs, demonstrating the magnitude of the recoverable gross resources discovered, estimated at over 11 billion barrels of oil equivalent.

Amidst this dynamic and promising scenario, the partnership between ExxonMobil and SBM Offshore emerges as a solid pillar in advancing offshore exploration in Guyana, marking a notable chapter in the quest for sustainable and innovative energy resources.

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Roberta Souza

Autora no portal Click Petróleo e Gás desde 2019, responsável pela publicação de mais de 8.000 matérias que somam milhões de acessos, unindo técnica, clareza e engajamento para informar e conectar leitores. Engenheira de Petróleo e pós-graduada em Comissionamento de Unidades Industriais, também trago experiência prática e vivência no setor do agronegócio, o que amplia minha visão e versatilidade na produção de conteúdo especializado. Desenvolvo pautas, divulgo oportunidades de emprego e crio materiais publicitários direcionados para o público do setor. Para sugestões de pauta, divulgação de vagas ou propostas de publicidade, entre em contato pelo e-mail: santizatagpc@gmail.com. Não recebemos currículos

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