ExxonMobil Guyana Ltd., an affiliate of ExxonMobil Corp., has completed a deal with SBM Offshore related to the purchase of the Prosperity floating, production, storage, and offloading (FPSO) vessel ahead of the maximum lease term, which would have expired in November 2025.
The FPSO has been on hire since November 2023. The purchase allows ExxonMobil Guyana to assume ownership of the unit—which is currently operating at Payara, Guyana’s third offshore oil development on Stabroek block—while SBM Offshore will continue to operate and maintain the FPSO up to 2033 (OGJ Online, Nov. 14, 2023).
The transaction comprises a total cash consideration of $1.23 billion.
ExxonMobil started production at Payara in November 2023. Oil production from the Prosperity FPSO reached about 230,000 b/d earlier this year as part of an increase in oil production at Stabroek block to 640,000 b/d (OGJ Online, Feb. 20, 2024).
Mikaila Adams | Managing Editor - News
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was named Managing Editor - News in 2019. She holds a degree from Texas Tech University.
