In a significant development for Guyana’s burgeoning oil and gas sector, Baker Hughes has secured a major contract with ExxonMobil to supply equipment and services for the country’s Floating Production Storage and Offloading units (FPSOs). This partnership underscores the rapid advancements in Guyana’s offshore oil production and the increasing involvement of global energy technology firms in the region.
Baker Hughes, a prominent energy technology company, has been expanding its footprint in Guyana. In 2020, the company announced plans to invest over US$8 million to establish an oil field service facility at Land of Canaan on the East Bank of Demerara. This facility is designed to support upstream operations, including the maintenance and overhaul of tools essential for drilling and completions.
ExxonMobil, leading a consortium with partners Hess and CNOOC, has been at the forefront of Guyana’s oil exploration and production. Since commencing operations in 2019, the consortium has achieved a milestone of producing 500 million barrels of oil from the offshore Stabroek block. Current production from the first three projects—Liza Phase 1, Liza Phase 2, and Payara—exceeds 650,000 barrels per day. Plans are underway to increase production capacity to more than 1.3 million barrels per day by 2027, with the development of additional offshore projects.
The collaboration between Baker Hughes and ExxonMobil is poised to enhance the efficiency and capacity of Guyana’s FPSOs, which are crucial for offshore oil extraction and storage. This partnership not only signifies confidence in Guyana’s oil production capabilities but also highlights the country’s growing prominence in the global energy landscape.
As Guyana continues to develop its oil and gas infrastructure, partnerships with established energy technology companies like Baker Hughes are essential. These collaborations bring in technical expertise and investment, contributing to the sustainable growth of the nation’s energy sector.