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Guyana’s 3rd oil project producing at full capacity with 220,000 barrels a day since mid-January
Prosperity FPSO
– Exxon says it drilled more wells to extract oil faster
Kaieteur News – ExxonMobil’s third oil vessel called Prosperity which operates in the Payara field of the Stabroek Block, achieved its full production capacity of 220,000 barrels of oil per since mid-January. This was revealed by the oil giant’s Chief Executive Officer (CEO) and Chairman, Darren Woods.
During the company’s 2023 fourth quarter earnings call on Friday, Woods said, “…what we’ve done with Guyana, you’re seeing today in Payara where we brought that online in mid-January, well ahead of our plans…”
Woods explained to shareholders that this was possible due to strategic optimization works for drilling and “making sure that we had what we needed to bring that up quickly.”
The CEO also said that the company is utilizing world class technology to make sure that it is learning all that it can from the data on Guyana and adjusting to ensure increased value for shareholders.
“I would tell you, the organization understands it has an obligation to drive value and to find the value opportunities and to make sure that when we decide to spend money, that we know that spend is going to be productive spend, and that we’re going to be efficient in executing that spend,” the CEO said.
He added, “…and if we see an opportunity to advance the development and bring it forward and bring net present value with that, we’ll take that.”
Chief Financial Officer (CFO) for ExxonMobil Corporation, Kathy Mikells also shared sentiments expressed by her boss. In fact, it was she who revealed that more wells were drilled to support Payara’s record-breaking production feat.
“We’ve got Prosperity, the third boat which is in the Payara development already up to nameplate capacity as we stand here today. And that’s because we made the decision to drill more wells to ensure that we could get that boat up to capacity as quickly as possible and our organization absolutely delivered on that. So those were the right economic decisions that drove value for our shareholders,” the CFO stated.
The foregoing revelation led shareholders to ask when production for the Payara project would be ramped up beyond 220,000 barrels of oil per day. Woods said it is difficult to predict at this time but assured that the company’s first priority is safety of operations. He said the organization still has to monitor closely, how the ship performs, noting that ramp up will be contingent on any challenges that may follow and how quickly those are handled.
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