Yahoo Finance ExxonMobil's (XOM) Prosperity FPSO Reaches Guyana Stabroek Block
Exxon Mobil Corporation’s XOM floating production, storage and offloading (FPSO) vessel, Prosperity, has arrived for Guyana’s third oil project.
The Prosperity vessel was developed as part of the Payara project, which is the third development in the Stabroek Block offshore Guyana. The Payara project area has an estimated 600 million oil-equivalent crude barrels. The block is shared by ExxonMobil with a 45% interest.
Prosperity FPSO has been under construction since the last quarter of 2020. The vessel will be permitted to ExxonMobil to operate on the Payara project offshore Guyana, where it will be docked in 1,900 meters of water depth.
Prosperity has arrived offshore Guyana. Preparatory work has started to enable the production start-up of the vessel later this year. The vessel traveled more than 11,000 nautical miles from Singapore in under 50 days. The FPSO vessel is expected to produce 220,000 barrels of oil per day.
The two other vessels operating offshore within the Stabroek Block are Liza Destiny and Liza Unity. Both are currently producing more than 380,000 barrels per day in Guyana. The production from the Prosperity vessel is expected to push the company’s daily production to 600,000 barrels a day in 2024.
ExxonMobil considers deepwater Guyana and the booming Permian Basin as major growth drivers. The company is committed to contributing to Guyana’s energy future and create opportunities for the nation’s growth. The arrival of the Prosperity FPSO is a testament to the strong partnership between ExxonMobil and the Guyana government.
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Shares of ExxonMobil have outperformed the industry in the past six months. The stock has gained 13.2% compared with the industry’s 11% growth.
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ExxonMobil currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at the following companies that presently buy a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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