Milestone Payara project safely commences

China National Offshore Oil Corp announced on Wednesday that its Payara project, located in the Stabroek Block offshore Guyana, has safely commenced production.

"The delivery of Payara project was a milestone for the partnership and production growth of the Stabroek Block," said Zhou Xinhuai, CEO and president of CNOOC Limited.

"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 25 percent interest in the Stabroek Block. ExxonMobil Guyana Limited is the operator and holds 45 percent interest, and Hess Guyana Exploration Ltd. holds 30 percent interest.

The Payara project produces with one floating production, storage and offloading (FPSO) facility, an offshore oil and gas processing project capable of crude oil production, storage and export, and 41 subsea wellheads, said CNOOC.

The FPSO is the third production facility in the Block following the two serving Liza Phase I and Liza Phase II. It was constructed in China and Singapore, and arrived in Guyana in April 2023, it said.

The Payara project is expected to reach its peak production of approximately 220,000 barrels of crude oil per day in 2024, said CNOOC.