Latest update September 18th, 2026 10:25 AM
Stabroek Block potential calls for 10 oil ships -Hess
…as approval pending for 7th and 8th developments
Kaieteur News- American oil company Hess Corporation remains confident that the success of the Stabroek Block underscores the need for at least 10 Floating Production, Storage and Offloading (FPSO) vessels operating offshore Guyana.
One of the FPSOs currently operating in the Stabroek Block
Guyana’s continued importance in Hess’ global oil portfolio reflects the exceptional productivity of the Stabroek Block, where Hess holds a 30% stake. The block is operated by ExxonMobil Guyana Limited, which holds a 45% interest, while China National Offshore Oil Corporation (CNOOC) owns the remaining 25%.
In its 2024 Annual Report, the company stated, “At the Stabroek Block, offshore Guyana, we and our partners have discovered a significant resource base and are executing a multi-phased development of the block. We currently have three FPSOs producing and plan to have eight FPSOs online by the end of 2030, with a total expected production capacity of approximately 1.7 million gross barrels of oil per day (bopd).”
Located about 120 miles offshore, the 6.6-million-acre Stabroek Block is estimated to contain 11.6 billion barrels of oil, according to government figures. Production began in December 2019, following the initial discovery in 2015. To date, EMGL has received government approval for six projects in the Stabroek Block: Liza Phase 1, Liza Phase 2, Payara, Yellowtail, Uaru, and Whiptail. The company has also submitted applications for two additional projects, the Hammerhead and Longtail, bringing the total to eight developments, pending approval.
However, Hess believes, “The discovered resources to date on the block are expected to underpin the potential for up to ten FPSOs.”
Kaieteur News had reported that while Exxon and CNOOC have both declared that their total recoverable Stabroek Block estimate falls below 11 billion barrels of oil equivalent (boe), Hess had disclosed that their figure exceeds the less-than-11-billion-barrels-of-oil-equivalent figure shared by the operator of the block. Moreover, the recent arrival of a fourth FPSO, One Guyana, was also announced. This vessel will join Liza Destiny, Liza Unity, and Prosperity, which together currently produce about 650,000 barrels of oil per day. With a design capacity of 250,000 barrels per day, One Guyana is expected to boost daily production to 900,000 barrels once operational.
Earlier this week, Japanese shipbuilder MODEC announced it had been awarded the contract to build a second FPSO for ExxonMobil Guyana, this time for the Hammerhead project, its seventh development, which is still awaiting approval. This FPSO is expected to start production in 2029, with a capacity of 150,000 barrels per day. The Hammerhead contract follows MODEC’s ongoing work on the Errea Wittu FPSO for the Uaru project, the fifth development in the block.
Hess Corporation CEO, John Hess
Last year, Dutch shipbuilder SBM Offshore was awarded the contract to construct Jaguar, Exxon’s sixth FPSO. To date, SBM has delivered five FPSOs for Guyana, including Liza Destiny, Liza Unity, Prosperity, and One Guyana.
Notably, Hess is still in the midst of an acquisition by US energy giant Chevron, in a US$53 billion deal approved by Hess shareholders, but is facing arbitration in court to come up in May. ExxonMobil and CNOOC filed for arbitration at the International Chamber of Commerce in Paris, arguing that they have a right of first refusal over Hess’ stake. Despite this, Hess expressed confidence that the merger would proceed as planned.
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