ExxonMobil Starts Production at Third Offshore Guyana Project Bringing Total Production Capacity in Guyana to approximately 620,000 Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
ExxonMobil has initiated production at the Payara project in Guyana, marking the third offshore development on the Stabroek Block. This addition brings Guyana's total production capacity to around 620,000 barrels per day. The Prosperity FPSO vessel is expected to contribute an initial 220,000 barrels per day, with the goal of achieving over 1.2 million barrels per day from the Stabroek Block by the end of 2027.
November 14, 2023 | 1:07 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
ExxonMobil's commencement of production at the Payara project in Guyana is expected to significantly increase the company's total production capacity, with the Prosperity FPSO vessel contributing to this growth.
The start of production at Payara represents a major operational milestone for ExxonMobil, likely to increase investor confidence in the company's growth prospects and future revenue streams. The news directly impacts ExxonMobil and is expected to have a positive effect on the stock price in the short term, given the increase in production capacity and the progress towards the long-term goal.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100