Following its debut at the Guyana Energy Conference and Supply Chain Expo in 2024, MODEC has returned to this year’s event with a stronger resolve to build lasting partnerships in the local energy sector. The company’s Country Manager, Rafael Fumis, took the opportunity on Tuesday to reaffirm the company’s long-term commitment to Guyana while highlighting its ongoing investments in local capacity development.
Japan’s MODEC has delivered a structure that will form part of a floating production storage and offloading (FPSO) unit to be deployed to a project offshore Guyana operated by ExxonMobil, a U.S.-headquartered oil and gas giant.
According to the EIA, the development plan calls for drilling 14 to 30 production and water-injection wells; installing and operating subsea umbilical, riser, and flowline (SURF) equipment that will connect the FPSO to the wells; using an FPSO to process, store, and offload the recovered oil; and installing a 13-km gas export pipeline from the FPSO to a tie-in on the Gas to Energy pipeline. The EIA said subsea components are expected to be installed in 2028, with FPSO installation and commissioning expected the same year.
Guyana’s offshore oil industry is set to take a major leap forward as the One Guyana floating production, storage, and offloading (FPSO) vessel readies its first export cargo. According to Reuters, the inaugural shipment of the newly branded ‘Golden Arrowhead’ crude grade is slated for late August to early September, marking a critical milestone for the ExxonMobil-led consortium that includes Hess Corp. and China’s state-run CNOOC.
Exxon remains confident it will prevail in the case over the field’s ownership at the International Chamber of Commerce, Neil Chapman, Exxon’s senior vice president, said at the Bernstein Strategic Decisions Conference in New York on Thursday. But there will be “no change for us” if Exxon loses, he said.
The contract, awarded by ExxonMobil’s Guyana arm, is a limited notice to proceed pending necessary government and regulatory approval. Phase one encompasses front-end engineering and design, while phase two covers engineering, procurement, construction, and installation.
And Europe? It can’t get enough. Sweet, light, and refinery-friendly, Guyana’s Liza, Unity Gold, and Payara Gold grades are the belle of the Atlantic. Two-thirds of the country’s exports went to Europe in 2024. That’s no accident—European refiners love this stuff. It’s easier to process, closer than Middle Eastern barrels, and not tangled up in Russian geopolitics.
In a mere six years, one of South America’s poorest nations, Guyana, has emerged as the world’s newest petrostate. There is speculation that the tiny country of less than one million is on track to become the continent’s second-largest oil producer. Even neighboring Venezuela’s President Maduro’s never-ending saber rattling over the Essequibo is not distracting the national government, in the capital Georgetown, from promoting the world’s fastest-growing oil boom. Guyana is now a major contributor to the world petroleum supply and will become the largest per capita oil producer, with production anticipated to exceed one million barrels per day by the end of 2027.
Shearwater GeoServices has been awarded a contract by ExxonMobil Guyana to conduct a deepwater 4D ocean bottom node (OBN) reservoir surveillance programme offshore Guyana, Shearwater announced on Monday.
African Export-Import Bank (Afreximbank) has unveiled plans to establish a $1 billion oil service financing facility in Guyana, which aims to enhance local participation in the country’s fast growing oil industry.