Saipem will proceed with final phase of Payara in Guyana

November 12, 2020

ExxonMobil announced its final investment decision (FID) earlier this year following the receipt the government approvals for the development plan. As the largest investment in Guyana’s history, the US$9 billion development has projected about 600 million oil-equivalent barrels by 2024.

In Q4 of 2019, Saipem announced the contract award of the Payara offshore development for the Engineering, Procurement, Construction and Installation (EPCI) and could begin initial activities. The recent authorization allows the completion of the detailed engineering and procurement activities resulting in the full implementation of the contract scope.

Apart from Payara, Exxon is appraising additional development opportunities in the Starboek Block, including Redtail, Yellowtail, Mako and Uaru resources. The company estimates gross recoverable resource of more than 8 billion oil-equivalent barrels from the region. As new projects proceed, investment in the Guyana economy increases. More than 2,000 Guyanese are now supporting project activities on and offshore, a 50% increase since 2019.  

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By Ana Aspe