Production Milestones in Guyana's Offshore Block

Hess, the energy corporation, has announced that production has commenced from the Payara development in the Stabroek Block, located offshore Guyana. This achievement comes with the deployment of the Prosperity, a floating production, storage, and offloading vessel.

Payara Development Boosts Production

Hess expects that the Prosperity will gradually reach its initial production target of 220,000 gross barrels of oil per day by the first half of 2024 as additional wells are brought online. With this development, the production capacity in the Stabroek Block now stands at approximately 620,000 gross barrels of oil per day.

Growth Prospects in Other Areas

Looking ahead, Hess envisions a significant expansion in production across the Stabroek Block. By the end of 2027, a total of six floating production, storage, and offloading vessels (FPSOs) are expected to be operational, raising the combined production capacity to more than 1.2 million barrels of oil per day. In fact, there is even potential for up to ten FPSOs to be deployed in order to unlock over 11 billion barrels of oil equivalent in gross discovered recoverable resources.

The Liza Phase 1 and Liza Phase 2 developments have already commenced production in December 2019 and February 2022 respectively. Together, they contribute approximately 400,000 gross barrels of oil per day to the overall capacity. Meanwhile, ongoing progress is being made on the Yellowtail and Uaru projects, each expected to add approximately 250,000 gross barrels of oil per day upon completion. Additionally, negotiations are underway with the government of Guyana to obtain regulatory approvals for the Whiptail project, which would mark the sixth development in this area.

With ambitious plans and an extensive portfolio of projects, Hess is poised to play a significant role in the future of Guyana's offshore oil production.