Latest update January 30th, 2025 6:10 AM
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ExxonM awards contract for 6th oil project while pending Govt. approval
Kaieteur News – ExxonMobil Guyana has forged ahead by awarding a contract to Italian engineering powerhouse, Saipem, for the proposed US$12.9 Billion sixth oilfield development ‘Whiptail’ located in the Stabroek Block. This bold step comes in the midst of the oil company awaiting approval from the Government of Guyana (GoG) for the Whiptail development.
Saipem announced on Wednesday that it has been awarded two offshore contracts, one in Guyana and the other in Brazil, worth approximately US$1.9 billion.
The scope of Saipem’s involvement in the Whiptail project is extensive. It encompasses the design, fabrication, and installation of critical components, including subsea structures, risers, flowlines, and umbilicals.
Located in the challenging offshore environment of the Stabroek Block, with water depths reaching around 2,000 meters, this project demands cutting-edge expertise and precision. Saipem will leverage its state-of-the-art vessels, including FDS2, Constellation, and Castorone, to execute these intricate operations. Notably, Saipem’s Guyana Offshore Construction Facility in the Port of Georgetown serves as a pivotal fabrication site, ensuring a sustainable and steady growth trajectory within the country.
ExxonMobil Guyana President, Alistair Routledge
However, it was stated that the timeline for Saipem’s active involvement remains contingent on securing the necessary government approvals. Once granted, the contract allows Saipem to initiate specific activities, such as detailed engineering and procurement, marking the initial steps toward the realization of the Whiptail project.
Simultaneously, Saipem has clinched a second major contract, this time from Equinor, for the Raia project. This endeavor involves the development of a pre-salt gas and condensate field situated in the Campos Basin, approximately 200 km offshore from the state of Rio de Janeiro, Brazil. These back-to-back contract awards not only highlight Saipem’s global prowess but also underscore the company’s ability to secure and execute projects of significant magnitude.
Saipem said that the two awards confirm, once again, the competitiveness of the company’s offer in bidding processes and the ability to build long term partnerships based on consistent performances. Moreover, they further strengthen the visibility on Saipem’s key assets utilization throughout 2027.
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