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SBM Offshore secures $1.75bn in

financing for fourth Stabroek FPSO

SBM Offshore of the Netherlands announced on serving as operator. The US-based super-major’s
July 21 that it had secured 100% of the $1.75bn partners in the project are Hess (US) and China
in financing needed for the construction of the National Offshore Oil Corp. (CNOOC).
floating production, storage and off-loading The partners brought Liza-1, their first devel-
(FPSO) vessel that will be installed at the Yel- opment target, on stream with the Liza Destiny
lowtail oilfield offshore Guyana. FPSO in December 2019, and then started
In a statement, SBM reported that it had production at Liza-2, the second target, with
arranged the project financing through a con- the Liza Unity FPSO in February of this year.
sortium of 15 international banks. It did not Payara, the third target, is slated to come online
name the banks, but it said expected to draw the following the installation of the Prosperity FPSO
full amount of the credit over the period of the in late 2023, while Yellowtail’s start-up has been
FPSO’s construction. Additionally, it noted that scheduled for 2025.
the loan would carry a variable interest rate set ExxonMobil is also hoping to bring a fifth
at the Secure Overnight Financing Rate (SOFR) development target, Uaru, into production in
plus 2.2% and would mature two years after the 2026, but has not yet chosen a contractor to
completion of construction work on the FPSO, build the FPSO that will be installed at the field.
in line with the duration of the vessel’s charter. Upstream Online reported in May of this year
The Dutch company will be building the that Japan’s MODEC was lobbying for the con-
OneGuyana along similar lines to the other tract, even though ExxonMobil has placed all of
FPSOs it has built for installation at Stabroek, its previous FPSO orders with SBM. ™
the offshore block that includes Yellowtail. It will
base the new vessel’s design on its Fast4Ward®
model, which calls for constructing a semi-cus-
tom FPSO by installing a selection of stand-
ardised topsides modules atop a new-build,
multi-purpose hull.
When finished, the OneGuyana will be
able to extract around 250,000 barrels per day
(bpd) of crude oil and handle 450mn cubic feet
(12.74mn cubic metres) per day of associated
gas. Additionally, it will have a water-injection
capacity of about 300,000 bpd and the ability to
store approximately 2mn barrels of oil. It will
be installed at a site about 200 km from shore,
where the water is around 1,800 metres deep.
Yellowtail will be the fourth development
target at Stabroek, where ExxonMobil (US) is The OneGuyana will be based on the Fast4Ward® design (Photo: SBM Offshore)

SURINAME
Staatsolie chief back joint development of

cross-border hydrocarbons with Guyana

ANNAND Jagesar, the managing director of Speaking to OilNOW.gy, Jagesar noted that
Suriname’s national oil company (NOC) Staat- Suriname and Guyana already had a close rela-
solie, has indicated that he favours the idea of tionship and could use it as a basis for exploring
co-operation with Guyana on the development and developing oil and gas deposits that straddle
of hydrocarbons, particularly natural gas. the maritime border between the two countries.

P10 www. NEWSBASE .com Week 29 21•July•2022