Gov’t expects more money to support economic development as Prosperity starts production

See below the full release from the Ministry of Natural Resources:

The Government of Guyana is pleased to announce the occurrence of first oil on the Prosperity Floating Production Storage and Offloading (FPSO) vessel in the Payara Petroleum Production Licence area. The Payara development was approved in September 2020 and sanctioned the production of more than 600 million barrels of oil from the Payara field. Production from the Prosperity FPSO is expected to reach an average of 220,000 barrels of oil daily when all of the 45 wells have been commissioned and brought online.

The Prosperity FPSO is the third project on the Stabroek Block and follows the Liza Destiny and Liza Unity production vessels which came online in December 2019 and February 2022, respectively. With the three vessels producing, the total oil production will be at an estimated 620,000 barrels per day. These will be further buttressed by the Yellowtail and Uaru developments which are already underway, anticipated to contribute 250,000 barrels of oil each following their respective start-ups.

An application for the sixth development, the Whiptail Project, was submitted by the Stabroek Block operator, ExxonMobil Guyana Limited (EMGL), and its co-venturers. This project is currently under review by the government and once approved, will see Guyana producing just over 1.2 million barrels of oil per day by 2027.

Commencement of production at the Payara development is a significant milestone for our country as it ushers in additional revenue in support of our nation’s economic development while it augments meeting global energy demand. The government is committed to utilising the revenues provided by this resource to further improve public infrastructure, the educational and healthcare systems and our various social programmes. Sustainable development and responsible environmental stewardship remain a priority of this government as we continue to manage these resources towards the prosperity of the Guyanese people and this great nation