CNOOC announces safe commencement of production at Payara project in Guyana

(WO) — CNOOC Ltd. has announced the safe commencement of production at the Payara Project in the Stabroek Block offshore Guyana. The project, equipped with one FPSO and 41 subsea wellheads, represents a significant milestone for the partnership and production growth of the Stabroek Block.

The FPSO, which is the third production facility in the block following Liza Phase I and Liza Phase II, was constructed in China and Singapore. It arrived in Guyana in April 2023 and is moored in water with a depth of approximately 1,930 meters, capable of storing around 2 million barrels of crude oil. The Payara Project is anticipated to achieve its peak production of approximately 220,000 barrels of crude oil per day in 2024.

“The delivery of Payara Project was a milestone for the partnership and production growth of the Stabroek Block,” Zhou Xinhuai, CEO and president of CNOOC, said. “By 2024, the daily production of the Block is expected to reach approximately 620,000 barrels of crude oil per day, which will further fuel the high-quality development of the company.”

CNOOC Petroleum Guyana Ltd., a wholly-owned subsidiary of CNOOC Ltd., holds a 25% interest in the Stabroek Block. ExxonMobil Guyana Ltd., the operator, holds a 45% interest, while Hess Guyana Exploration Ltd. holds a 30% interest.