-by Celestine Chacon
The largest oil Floating Production, Storage and Offloading vessel is set to enter Guyana’s waters this week after sailing from Singapore.
This development was announced by President Dr. Irfaan Ali today.
“This vessel was built by modec for the cost of US US$12.7 billion it is the largest vessel in Guyana’s fleet designed to add roughly 250,000 barells of oil per day and push national output above 1 million barell per day for the first time,” he said.
President Ali noted that Guyana’s four existing FPSOs ,Liza Destiny, Liza Unity, Prosperity and One Guyana are currently produces a combined estimated 900,000 to 920,000 barrels per day.
He says Guyana’s share of the profit oil has also increased significantly, reflecting the reduction in costs allocated to cost recovery.
“Guyana’s share of Stabroek Block oil has increased from 12.5 per cent to 39.8 per cent,” the president revealed.
The arrival of the new FPSO represents another major expansion of Guyana’s offshore oil production capacity as development of the Stabroek Block continues.