SBM Offshore secures $1.05bn financing for FPSO Prosperity
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SBM Offshore secures $1.05bn financing for FPSO Prosperity

28 Jun 2021 (Last Updated June 28th, 2021 12:31)

The funding has been secured from a consortium of 11 banks and will be drawn in phases over the FPSO Prosperity’s construction.

SBM Offshore secures $1.05bn financing for FPSO Prosperity
The Payara field development project involves drilling of up to 41 wells. Credit: wasi1370 / Pixabay.

SBM Offshore has secured $1.05bn in financing for the floating production storage and offloading (FPSO) Prosperity, which will be deployed at the Payara field offshore Guyana.

The financing has been secured from a consortium of 11 international banks. The company intends to draw the loan in phases to fund the construction of the FPSO.

The project loan has two years of tenor post-completion. Upon the release of the pre-completion guarantee and the completion of the FPSO, the financing will become non-recourse.

Moored in water depth of around 1,900m, the Prosperity FPSO will largely resemble the Liza Unity FPSO in terms of design, said SBM Offshore.

The FPSO unit will have a production capacity of 220,000 barrels of oil per day. It will have an associated gas treatment capacity of 400 million cubic feet per day.

It will also have water injection capacity of 250,000 barrels per day and be able to store nearly two million barrels of crude oil.

SBM Offshore is currently under contract to deliver FPSO Prosperity for the Payara field development project.

The Payara field is the third development within the Stabroek block, which is operated by Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil, with a 45% stake.

Other partners in the block include Hess Guyana Exploration (30%) and China National Offshore Oil Corporation’s (CNOOC) subsidiary CNOOC Petroleum Guyana (25%).

The Payara field development project involves drilling up to 41 wells at ten drill centres. First oil from the Payara development project is anticipated for 2024.

According to estimates, the resource base for offshore field development is about 600 million barrels of oil equivalent (Mboe).