Guyana is to get a third floating production storage and offloading (FPSO) facility Prosperity, set for the Payara development project in the Stabroek block off Guyana, costing some US$1.05 billion.

The oil well is operated by Esso Exploration and Production Guyana Limited, an affiliate of oil giant, ExxonMobil. The US$1.05 billion project financing was secured by a consortium of 11 international banks.

SBM Offshore, Dutch floater specialist, which arranged the financing deal expects to draw the loan in full, phased over the construction period of the FPSO. The project loan has a tenor of two years after completion, in line with the duration of the charter and has a variable interest rate plus 1.60%.

Design of the FPSO  for Guyana

The Prosperity FPSO will utilize a design that largely replicates the design of the Liza Unity FPSO, based on SBM Offshore’s Fast4Ward programme that incorporates a multi-purpose hull combined with several standardized topside modules. The FPSO will be designed to produce 220,000 barrels per day (bpd) will have an associated gas treatment capacity of 400m cubic feet per day and a water injection capacity of 250,000 bpd.

The unit will be moored at a water depth of about 1,900 m and will be able to store around 2 million barrels of crude oil. Payara is the third development within the Stabroek block, some 200 km offshore Guyana.

Esso Exploration and Production Guyana Limited holds a 45 per cent interest in the Stabroek block, Hess holds a 30 per cent interest and CNOOC holds a 25 per cent interest. Last year SBM Offshore was awarded a contract by ExxonMobil’s Esso Exploration and Production Guyana Limited (EEPGL) for the next phase of the Payara development project in the Stabroek block off Guyana.

SBM Offshore was contracted to construct, install and then lease and operate the Prosperity FPSO for a period of up to two years, after which the FPSO ownership and operation will transfer to EEPGL.