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Approval of Payara development expected by Q1 2020

Dated: November 7th, 2019

Dr. Mark Bynoe, Director of Guyana’s Department of Energy (DE), speaking to reporters at a press conference on November 6 in Georgetown, Guyana.

Final Investment Decision on ExxonMobil’s third development project offshore the South American country of Guyana is expected by Q1 2020 as authorities move to embark on a third-party review of the Field Development Plan. Sanctioning of the Payara development was initially expected by the end of 2019.

Director of Guyana’s Department of Energy (DE), Dr. Mark Bynoe, told reporters at a press conference on Wednesday that DE along with the Guyana Geology and Mines Commission has commenced a preliminary review of the FDP based on experience gained under the Liza Phase 1 and 2 plans.

The DE, he continued, “is also progressing expedited procurement process with the World Bank for Third Party review. This contract has a completion target of the first week of December…The completion of the whole process is hoped to be achieved within the first quarter of 2020.”

ExxonMobil said in September that it had submitted the FDP and Environmental Impact Assessment Report to the Environmental Protection Agency (EPA) in Guyana for the Payara Development.

Speaking to OilNOW at the time, Senior Director, Public and Government Affairs, Deedra Moe had said, “We’re excited about the potential third project and we look forward to continue to work with the EPA on that review process.”

The 220,000 barrels per day Payara Development Project is expected to come on stream by 2023, closely following the Liza Phase 1 and 2 developments at the 6.6 million acres Stabroek Block.

The Payara Development will see approximately 35-45 wells being drilled from 10 subsea drill centres, consisting of a combination of producers and injectors to support oil production.

The Payara FPSO – to be named Prosperity – will be a VLCC (Very Large Crude Carrier) size floating facility with double hull protection, with approximate dimensions of 340m long by 60m wide by 33m deep (1,115 ft long by 197 ft wide by 108 ft deep). By the time production begins at Payara, the Prosperity will join its sister ships – Liza Destiny and Unity which would already be producing oil offshore Guyana.


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