SBM Offshore profits from South American oil discoveries
The Dutch oil and gas company SBM Offshore is doing good business in South America, where enormous oil and gas reserves have been found off the coast of Guyana. So far, the company has delivered two FPSOs (floating production and storage vessels) to ExxonMobil. And there is more in the pipeline.
The large oil field off the coast of the former British colony of Guyana is estimated to contain more than four billion barrels of oil, at least, since in large parts of the coastal strip no exploratory drilling has yet taken place. Promising reserves have also been found off the coast of the neighbouring country of Suriname. According to experts, this part of South America is likely to become the new oil and gas mecca of the world.
ExxonMobil had already called in the help of platform builder SBM Offshore a few years ago. SBM’s FPSO Liza Destiny could be commissioned by the oil company in December 2019. That was even several months ahead of schedule, something that Bruno Chabas, SBM Offshore’s top executive, is proud of. “In the past five years, only two complex FPSOs with an oil production capacity of more than 120,000 barrels per day were delivered on time. SBM was responsible for that. No other company succeeded. The average delay in the construction of FPSOs was almost two years,” says Chabas, emphasising that late delivery has a huge impact on the client’s business.
Last year, SBM delivered the second FPSO: the Liza Unity. This is the first FPSO built under SBM’s Fast4Ward programme and the first in the world to receive Sustain 1 certification. Together, both vessels are currently producing 360,000 barrels of oil per day. Two more vessels have been ordered and are under construction at SBM Offshore for ExxonMobil’s operations in Guyana: the Prosperity and One Guyana. Chabas also hopes to play a role in the development of oil extraction off the coast of Suriname, and start pumping up oil and gas by 2025. Meanwhile, SBM Offshore has established itself in Guyana. At the end of last year, Guyanese president Irfaan Ali opened a new office for the company’s 530 employees in the capital, Georgetown.
Source: Translated to English from Schuttevaer