ExxonMobil Takes Ownership of FPSO Prosperity

ExxonMobil Takes Ownership of FPSO Prosperity.jpg

ExxonMobil has assumed ownership of the Prosperity floating, production, storage and offloading (FPSO) unit from SBM Offshore, operating at Payara, Guyana’s third offshore oil development on the Stabroek Block.

ExxonMobil, through its affiliate ExxonMobil Guyana, completed the transaction related to the purchase of FPSO Prosperity from SBM Offshore ahead of the maximum lease term, which would have expired in November 2025.

As part of the agreement, SBM Offshore will continue to operate and maintain the FPSO up to 2033.

The transaction comprises a total cash consideration of $1.23 billion. The net cash proceeds will primarily be used for the full repayment of the $0.98 billion project financing and as such will decrease SBM Offshore’s net debt position.

The FPSO Prosperity has been on hire since November 2023 and has and will continue to be operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s skills.

Prosperity FPSO has an initial production capacity of around 220,000 barrels of oil per day and an overall storage volume of two million barrels. It is deployed at ExxonMobil’s Payara development, which began production on November 14, 2023.

ExxonMobil Guyana operates the Stabroek Block and holds 45% interest. Hess Guyana Exploration holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.

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