ExxonMobil Makes Final Investment Decision To Develop Oil Field Off Guyana's Coast

US oil giant ExxonMobil has announced a final investment decision to develop the Payara offshore oil field in Guyana

MOSCOW (UrduPoint News / Sputnik - 01st October, 2020) US oil giant ExxonMobil has announced a final investment decision to develop the Payara offshore oil field in Guyana.

"ExxonMobil has made its final investment decision to proceed with the Payara field offshore development in Guyana after receiving government approvals," the company said late on Wednesday.

The oil field in question is the third project in the Stabroek Block. The Texas-based giant is planning to start the project in 2024, using a floating production, storage and offloading (FPSO) vessel. The production capacity is estimated at 220,000 barrels per day.

In total, the Payara field development will cost $9 billion to produce 600 million oil-equivalent barrels.