Exxon Mobil (NYSE:XOM) and its partners said Thursday they made a final investment decision to develop their fifth and most expensive project on Guyana’s offshore Stabroek block.
The $12.7B Uaru project will produce ~250K bbl/day and cost 27% more than the previous project of equivalent size, reflecting rising costs.
The companies said the project, targeted for a 2026 startup, will include up to 10 drill centers and 44 production and injection wells aimed at developing an estimated resource of more than 800M barrels of oil.
Two FPSOs, the Liza Destiny and Liza Unity, are currently operating offshore Guyana and produced 375K bbl/day of oil during Q1, with a third FPSO, the Prosperity, expected to be operational later this year, adding 220K bbl/day of capacity from the Payara development.
Exxon Mobil (XOM) made a final investment decision last year on a fourth Guyana offshore project, Yellowtail.
The Stabroek block partnership, which also includes Hess (HES) and China’s Cnooc, is seeking to bring Guyana’s production capacity to more than 1.2M bbl/day by year-end 2027.
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