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ExxonMobil starts production at the 220 kb/d Payara oil development in Guyana

The US oil and gas company ExxonMobil has started production at the Payara offshore oil development, located on the Stabroek Block off the coast of Guyana, which is expected to reach an initial production of 220 kb/d. This is ExxonMobil’s third offshore oil development in Guyana, which brings the total production capacity in the country to about 620 kb/d. ExxonMobil has chartered the Prosperity floating, production, storage and offloading (FPSO) vessel for oil production at Payara. 

The company plans to reach a combined production capacity of more than 1.2 mb/d on the Stabroek Block by year-end 2027, with the anticipated deployment of six FPSOs. Yellowtail and Uaru, the fourth and fifth development projects, are currently in progress and will each produce approximately 250 kb/d of oil. ExxonMobil is working with the government of Guyana to secure regulatory approvals for a sixth project, named Whiptail.

Since its first findings in 2015, Guyana has become one the most rapidly expanding oil-producing nation, with discoveries totalling more than 11 Gboe of oil and gas. The country recently passed a Petroleum Activities Bill, granting the Ministry of Natural Resources the power to oversee various aspects of oil operations, including exploration, production licenses, and environmental permits, whether obtained through tenders or negotiations.