ExxonMobil, the U.S. oil major, announced the commencement of production at Payara, Guyana's third offshore oil development on the Stabroek Block. The Payara field, utilizing the Prosperity FPSO supplied by SBM Offshore, started production ahead of schedule. The FPSO is expected to achieve an initial production rate of approximately 220,000 barrels per day over the first half of the next year as additional wells are brought online.

With the start of production at Payara, Guyana's total oil production capacity now stands at around 620,000 barrels per day. This marks the third major milestone towards achieving a combined production capacity of over 1.2 million barrels per day on the Stabroek Block by the end of 2027.

Liam Mallon, President of ExxonMobil Upstream Company, highlighted the positive impact of each new project on economic development and resource accessibility, benefiting local communities and contributing to global energy demand. ExxonMobil Guyana envisions having six FPSOs in operation on the Stabroek Block by the end of 2027, with Yellowtail and Uaru, the fourth and fifth projects, currently in progress and expected to produce around 250,000 barrels of oil per day each.

ExxonMobil is actively collaborating with the government of Guyana to secure regulatory approvals for a sixth project at Whiptail. The Prosperity FPSO, along with the Liza Unity, has been awarded the SUSTAIN-1 notation by the American Bureau of Shipping, recognizing the sustainability of its design, documentation, and operational procedures.

According to ExxonMobil, its Guyana developments exhibit approximately 30% lower greenhouse gas intensity than the average of its upstream portfolio. Independent research firm Rystad Energy also acknowledges that ExxonMobil's Guyana offshore developments are among the best-performing in the world in terms of emissions intensity, surpassing 75% of global oil and gas producing assets.

ExxonMobil Guyana Limited operates the Stabroek Block with a 45% interest, while Hess Guyana Exploration Ltd. holds 30%, and CNOOC Petroleum Guyana Limited holds a 25% interest in the project.