Latest update February 10th, 2025 6:45 AM
‘Prosperity’ arrives in Guyana
…Exxon’s third FPSO
Kaieteur News – Amid widespread concerns over the lopsided ExxonMobil contract with Guyana, the company on Tuesday announced the arrival of its third Floating Production Storage and Offloading vessel (FPSO)- ‘Prosperity’.
‘The Prosperity’ FPSO
‘Prosperity’ will operate in the Payara field in the Stabroek Block, offshore Guyana. It will produce around 220,000 barrels of oil per day during its initial phase and was constructed to store a total of two million barrels of oil. Esso Exploration and Production Guyana Limited- ExxonMobil Guyana- in a brief media statement said Payara is expected to startup later this year.
The vessel was constructed by Dutch ship builder, SBM Offshore. On its arrival, ExxonMobil Guyana Production Manager Mike Ryan said, “The arrival of the ‘Prosperity’ FPSO is a testament to the strong partnership between ExxonMobil Guyana, the government of Guyana, our co-venturers and the many suppliers that support our operations. We are excited to contribute to Guyana’s energy future and create lasting opportunities for the nation’s growth and prosperity.”
Presently, two FPSOs are operating in the Stabroek Block, including the Liza Destiny and Liza Unity. In December 2019, the Liza Destiny produced first oil. This was followed by the startup of Liza Two in February 2022 by the Liza Unity. Currently, more than 380,000 barrels per day is being produced. Exxon said production from the Prosperity vessel is expected to push daily production to some 600,000 barrels a day in 2024.
“Installation campaigns are ongoing and development drilling is underway to support Prosperity’s start-up later this year,” the company stated.
It must be noted that even as Guyana prepares for greater production activities in the Stabroek Block, the country is yet to secure full liability coverage to cover expenses associated with an oil spill.
Presently, the developer has assured that US$600 million is in place per event, while the Environmental Protection Agency (EPA) is said to be in discussion with the parent company of EEPGL to provide a US$2 billion guarantee to cover costs above the insurance.
Experts have however warned that this figure would not be sufficient to cleanup a massive spill in the Stabroek Block, as past experiences amounted to billions of US-dollars. Moreover, these costs continue to climb as citizens who lost their livelihoods continue to mount legal challenges.
- FPSO, oil, Prosperity, spill, third
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