SBM Offshore yesterday announced that it has completed the project financing for the Prosperity Floating Production, Storage and Offloading (FPSO) oil platform to the tune of US$1.05 billion.
The project is part of the Payara development project, which is the third Exxon-led development within the Stabroek block, about 200 kilometers offshore Guyana.
According to a statement issued by SBM, the project financing was secured by a consortium of 11 international banks and the loan will be drawn in full, phased over the construction period of the FPSO.
In addition, it was stated that the financing will become non-recourse once the FPSO is completed and the pre-completion guarantee has been released.
The Prosperity FPSO will utilize a design that largely replicates the design of the Liza Unity FPSO. As such, the design is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the company’s new build, multi-purpose hull combined with several standardized topsides modules. The FPSO will be designed to produce 220,000 barrels of oil per day, will have associated gas treatment capacity of 400 million cubic feet per day and water injection capacity of 250,000 barrels per day. The FPSO will be spread moored in water depth of about 1,900 meters and will be able to store around 2 million barrels of crude oil.
Esso Exploration and Production Guyana Limited, an affiliate of ExxonMobil Corporation, is the operator and holds a 45 per cent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 per cent interest and CNOOC Petroleum Guyana Limited holds a 25 per cent interest.
In October 2020, Exxon awarded the Prosperity contract to SBM for the next phase of the Payara development project. Under those contracts, SBM will construct, install and then lease and operate the Prosperity FPSO for a period of up to two years, after which the FPSO ownership and operation will transfer to EEPGL. The award followed completion of front-end engineering and design studies, completion of the multi-purpose hull, receipt of requisite government approvals and the final investment decision on the project by ExxonMobil and co-venturers in the Stabroek Block.
In January, Greg Hill, Chief Operating Officer at Hess Corporation, said that the hull for the Prosperity FPSO was complete. “Topside construction activities are underway, and we expect integration of the hull and topsides to begin at the Keppel Yard in Singapore by year end,” he added.
