SBM Offshore has announced that the FPSO One Guyana has arrived in dry dock at Keppel Shipyard in Singapore.
In a statement posted on social media, the company described the development as a “key milestone” for the project. The company noted in the statement that One Guyana is the latest FPSO under construction by SBM Offshore and its partners for its client ExxonMobil Guyana.
“The project team will continue construction and the next steps are the installation of the mooring structures and the riser balcony,” SMB Offshore said in a statement posted on its website.
“Topside construction is progressing according to the project schedule. The FPSO is being built for our client ExxonMobil Guyana and will join three other built FPSOs SBM Offshore, Liza Destiny and Liza Unity, in Guyana waters, as well as Prosperity currently in transit to Guyana,” SBM Offshore added in the statement.
In October 2022, SBM Offshore announced that construction of the upper modules had begun on the One Guyana FPSO project.
“During September this year, two steel strike ceremonies were held at both the Keppel FELS and Dynamac yards,” SBM Offshore said in a company statement at the time.
“This marks a key milestone, which is the start of manufacturing of the marine structures and upper modules,” the company added.
Project financing
In July 2022, SBM Offshore announced that it had completed project financing for the FPSO One Guyana for a total of $1.75 billion.
The financing for the project was guaranteed by a consortium of 15 international banks, SBM Offshore said at the time, adding that it expects to draw down the loan in full, gradually during the construction period of the FPSO.
“The financing will become non-recourse once the FPSO has been completed and the pre-completion bond has been released,” SBM Offshore said in July last year.
“The project loan conforms to the term of the letter, i.e. a term of two years after completion and carries a variable interest rate based on SOFR plus a margin of 2.2 percent,” he said. add the company
In July, SBM Offshore noted that the One Guyana FPSO will be designed to produce approximately 250,000 barrels of oil per day, have an associated gas treatment capacity of 450 million cubic feet per day and a water injection capacity of 300,000 barrels per day.
The FPSO will be moored in a water depth of about 1,800 meters and will be able to store around two million barrels of crude oil, according to the company’s July statement, which stated that the project is part of the Yellowtail development , which he said is the fourth development within the Stabroek block, about 200 kilometers off the coast of Guyana.
In April 2022, SBM Offshore announced that Esso Exploration and Production Guyana Limited (EEPGL), a subsidiary of Exxon Mobil Corporation, had confirmed contract awards for the Yellowtail development project located in the Stabroek block in Guyana.
SBM Offshore said at the time that under these contracts, it will build, install and then charter and operate the One Guyana FPSO for a period of up to two years, after which ownership and operation of the FPSO will be transferred in EEPGL.
Yellow Tail Project
In April 2022, ExxonMobil announced that it had made a final investment decision for the Yellowtail development offshore Guyana after receiving government and regulatory approvals.
The company highlighted in a statement at the time that this is its fourth and largest project in the Stabroek block and said it is expected to produce approximately 250,000 barrels of oil per day from 2025.
“The development of Yellowtail further demonstrates the success of the partnership between ExxonMobil and Guyana and helps provide the world with another reliable source of energy to meet future demand and ensure a secure energy transition,” said Liam Mallon, chairman of ExxonMobil Upstream Company in the April release. .
“We are working to maximize benefits for the people of Guyana and increase global supplies through safe and responsible development on an accelerated schedule,” he added in the statement.
Yellowtail production from the One Guyana FPSO will develop an estimated resource of more than 900 million barrels of oil, ExxonMobil said at the time, adding that the $10 billion project will include six drilling centers and up to 26 production and 25 injection wells.
To contact the author, please send an email andreas.exarcheas@rigzone.com
Photo credit – iStock.com/eugenesergeev
