### CNOOC International’s Payara Ramp-Up Offshore Guyana Boosts Production
The Payara project, operated by ExxonMobil Guyana Limited with a 45% stake, has significantly contributed to CNOOC International’s production growth. Located in the Stabroek Block offshore Guyana, this project marked the third major development to enter production in the block, boosting the total production capacity of the region.
#### Project Overview
The Payara project, which commenced production in November 2023, has rapidly ramped up its output. The Prosperity FPSO, which is part of the Payara project, reached an impressive 100,000 barrels per day (bpd) within the first month and quickly exceeded 180,000 bpd by the end of the year 2023. This rapid escalation in production surpasses that of the Liza 2 project, which reached 68,000 bpd in a similar period last year[3].
#### Production Milestones
The Stabroek Block has seen a substantial increase in oil production over the past few years. As of November 2024, the block produced nearly 126 million barrels of oil at an average rate of 378,000 bpd. The combined production of all three FPSOs currently operating in the block—Liza Destiny, Liza Unity, and Prosperity—has reached approximately 650,000 bpd[3].
#### CNOOC International’s Contribution
CNOOC International has attributed the significant increase in its quarterly production to the substantial output from the Payara project. In the first nine months of 2024, CNOOC achieved a net production of 542.1 million barrels of oil equivalent (BOE), a rise of 8.5% compared to the previous year. The Payara project was highlighted as a major contributor to this increase in overseas production, with a growth of 12.2% year-over-year[4].
#### Economic Impact
The Payara project, along with other developments in the Stabroek Block, has a multifaceted impact on the economy. The project supports economic development by providing employment opportunities and generating revenue. ExxonMobil’s activities in Guyana have engaged nearly 6,000 local workers, representing over two-thirds of the local oil and gas workforce. Additionally, the company has spent more than $1.2 billion with over 1,500 Guyanese suppliers since operations began in 2015