On November 15, CNOOC Limited announced Payara Project has commenced production safely.

Payara Project locates in the Stabroek Block offshore Guyana and produces with 1 FPSO and 41 subsea wellheads. 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 is moored in water depth of about 1,930 meters and will be able to store around 2 million barrels of crude oil. Payara Project is expected to reach its peak production of approximately 220,000 barrels of crude oil per day in 2024.

Zhou Xinhuai, CEO and President of the company, said, “The delivery of Payara Project was a milestone for the partnership and production growth of the Stabroek Block. 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 Limited, a wholly owned subsidiary of CNOOC Limited, holds 25% interest in the Stabroek Block. ExxonMobil Guyana Limited is the operator and holds 45% interest, and Hess Guyana Exploration Ltd. holds 30% interest.