Gov’t welcomes first oil at Prosperity FPSO

The Government of Guyana has announced the occurrence of first oil on the Prosperity Floating Production Storage and Offloading (FPSO) vessel in the Payara Petroleum Production Licence area.

In a recent announcement government said the Payara development was approved in September 2020 and  sanctioned the production of more than 600 million barrels of oil from the Payara field.

Production from the Prosperity FPSO is expected to reach an average of 220,000 barrels of oil daily when all of the 45 wells have been commissioned and brought online.

The Prosperity FPSO is the third project on the Stabroek Block and follows the Liza Destiny and Liza Unity production vessels which came online in December 2019 and February 2022, respectively.

The three vessels, in total, will be producing an estimated 620,000 barrels per day.

These will be further buttressed by the Yellowtail and Uaru developments which are already underway, anticipated to contribute 250,000 barrels of oil each following their respective start-ups.

An application for the sixth development, the Whiptail Project, was submitted by the Stabroek Block operator, ExxonMobil Guyana Limited (EMGL), and its co-venturers.

This project is currently under review by the government and once approved, will see Guyana producing just over 1.2 million barrels of oil per day by 2027.