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

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.

ARTICLE CONTINUES BELOW

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

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

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

A Strategic Partnership Between ExxonMobil And SBM Offshore

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

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

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

A Strategic Partnership Between ExxonMobil And SBM Offshore

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While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

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