Company secures almost US$1 billion financing for oil production ship offshore Guyana

Last Updated on Wednesday, 20 December 2017, 11:37 by Denis Chabrol

SBM Offshore on Wednesday confirmed the successful financing of its Floating, Production, Storage and Offloading FPSO Liza, totaling US$720million.

The ship will be stationed offshore Guyana to produce, collect, store and offload crude oil from ExxonMobil’s fields to tankers that will take it to refineries.

The company said the funds were secured through 12 international banks. SBM Offshore will draw the loan in full, phased over the construction period of the FPSO.

FPSO Liza is owned and will be operated by SBM Offshore. The lease and operate contract includes an initial period of ten years with extension options up to an additional ten years. The FPSO is designed to produce up to 120,000 barrels of oil per day, will have associated gas treatment capacity of about 170 million cubic feet per day and water injection capacity of about 200,000 barrels per day.

The converted Very Large Crude Carrier (VLCC) FPSO will be spread moored at the Liza field located in the Stabroek block about 200 kilometers offshore Guyana, in water depth of 1,525 meters and will be able to store 1.6 million barrels of crude oil.

Esso Exploration and Production Guyana Limited is the operator and holds a 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30% interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25% interest.