Hess Corporation which holds a 30 percent interest in the Stabroek block, has disclosed that it will be expending some US$1.8B on development works for the Payara field which represents the third oil development on the block. It is projected to take gross production capacity to approximately 560,000 barrels of oil per day by 2024.
The company noted that the timing of the Payara floating production, storage and offloading vessel (FPSO) purchase from SBM Offshore, a Dutch vessel manufacturing company, is also being evaluated. Guyana Standard understands that Payara will utilize the Prosperity FPSO, which will have the capacity to produce up to 220,000 gross barrels of oil per day and will target an estimated resource base of about 600 million barrels of oil equivalent. First oil is expected in 2024. It was further noted that 10 drill centers are planned with a total of 41 wells, including 20 production wells and 21 injection wells.
Gross discovered recoverable resources for the Stabroek Block are estimated at more than 8 billion barrels of oil equivalent as of January 2020. The 18 discoveries on the block to date have established the potential for at least five FPSOs producing more than 750,000 barrels of oil per day by 2026.
The Stabroek Block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.