Latest update December 4th, 2024 2:40 AM
Exxon hands out large subsea contract for fifth project
…contract worth between US$500M and US$1B
Kaieteur News – Oil and gas company, TechnipFMC has been awarded a “large contract” by ExxonMobil Guyana to supply the subsea production system for the oil giant’s fifth project (Uaru Development) in the prolific Stabroek Block.
TechnipFMC made the announcement on Tuesday, disclosing the deal was signed with Exxon’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL). According to Technip, a large contract for the company is between US$500 million and US$1 billion.
EEPGL is the operator of Guyana’s lucrative Stabroek Block which has over 11 billion proven barrels of oil. Recently, it was announced that Guyana’s Environmental Protection Agency (EPA) granted the Environmental Permit for ExxonMobil’s fifth project at the Uaru field in the Stabroek Block which has been approved. The Uaru project is expected to cost US$12.7 billion and produce about 250,000 barrels of oil per day after coming on stream in 2026.
Technip’s subsea 2.0
TechnipFMC explained that they will provide project management, engineering, and manufacturing to deliver the overall subsea production system. Also, the contract covers 44 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.
Jonathan Landes, President of Subsea at TechnipFMC said, “We are very proud to continue our relationship with ExxonMobil Guyana through this award, which is our fifth within the Stabroek block. This is ExxonMobil Guyana’s first project utilizing our Subsea 2.0™ system, which leverages our configure-to-order model to deliver on an accelerated schedule.”
The company stated that they currently have more than 100 Guyanese employed and expect to continue to hire and train additional local staff to support the new contract.
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