ExxonMobil, a renowned energy company in the United States, made a significant payment of approximately US$1,26 billion to SBM Offshore, a Dutch operator specializing in FPSO

According to the Offshore Energy website, the ExxonMobil, a US giant in the energy sector, surprises the market by making an impressive payment of US$ 1,26 billion to SBM Offshore, a Dutch operator specializing in FPSO (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 vessel Liza Unity, the purchase of which allows ExxonMobil Guyana assume ownership of the unit, while SBM Offshore retains responsibility for operation and maintenance until 2033. This integrated operations model, started in 2023, has proven effective, combining SBM Offshore's experience with ExxonMobil's operational excellence.

The net cash contribution, totaling approximately US$1,26 billion, will mainly be used to repay project financing, significantly reducing the company's net debt position SBM Offshore. The robust financial strategy highlights the mutual trust between the two companies in this offshore venture.

Promising future: ExxonMobil and SBM Offshore boost development in Stabroek block

The Liza field, located in the Stabroek block, is operated by ExxonMobil affiliate Esso Exploration and Production Guyana, with partners Hess Guyana Exploration and CNOOC Petroleum Guyana. Currently, the block has two ships FPSOs: the ship Liza Destiny, in operation since December 2019, and the most recent, the ship Liza Unity, in production since February 2022.

The FPSO ship Liza Unity, anchored in a water depth of approximately 1.650 meters, is a landmark 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 first FPSO in the world to receive this distinction, highlighting its commitment to sustainability.

A Strategic Partnership between ExxonMobil and SBM Offshore

The partnership between ExxonMobil and SBM Offshore doesn't stop there. Recently, SBM Offshore has secured a contract for the front-end engineering and design (FEED) of a new FPSO, destined for ExxonMobil's sixth deepwater oil development project in the Stabroek block offshore Guyana. This will be the fifth FPSO built 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 ships FPSOs are 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 gross recoverable resources discovered, estimated at more than 11 billion barrels of oil equivalent.

In the midst of this dynamic and promising scenario, the partnership between ExxonMobil and SBM Offshore emerges as a solid pillar in the advancement of offshore exploration in Guyana, marking a notable chapter in the search for sustainable and innovative energy resources.