Exxon gets approval for 5th oil project in Stabroek Block
The government issued the Uaru production licence and environmental permit on Friday, approving the Uaru Field Development Plan for ExxonMobil Guyana and its partners Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited. In the initial 20-year licence period, the Uaru project is anticipated to produce 812 million barrels of oil per day through a total of 44 wells, including 23 water and gas injectors and 21 producers.
The Uaru Project is expected to cost US$12.683 billion, which will be subject to cost recovery under the Stabroek Block Petroleum Agreement.
The government through the Ministry of Natural Resources on Friday stated in a press release that the Floating, Production, Storage and Offloading (FPSO) vessel, Errea Wittu, which will be built by Japanese company, MODEC, will produce an additional 250 barrels of oil per day at peak production.
βThe project anticipates first oil by the second quarter of 2027, and it will boost Guyana’s overall production rate to over 1,100,000 barrels of oil per day,β the ministry noted.
The FPSO design differs significantly from the other vessels in a few key areas, including the utilisation of a closed-loop flare system and a combined-cycle gas turbine for power generation. Additionally, the project’s greenhouse gas emissions are decreased by the closed-loop flare system and the combined-cycle turbine’s higher efficiency and lower greenhouse gas emissions.
The Uaru development also benefits from ExxonMobil’s “Design One Build Many” philosophy for its Guyana projects, which enables projects to come on-stream more efficiently by leveraging similarities between black oil projects.
See below the environmental permit and petroleum production licence for the Uaru project:
