ExxonMobil has significantly strengthened its dominance in Guyana’s burgeoning offshore oil sector by acquiring its fourth and largest Floating Production, Storage, and Offloading (FPSO) vessel in the Stabroek Block. The $2.32 billion purchase of the ‘One Guyana’ FPSO marks the completion of the company’s strategy to own all four operational vessels in one of the world’s most productive new oil regions.
The recently acquired One Guyana FPSO, constructed by Dutch engineering firm SBM Offshore, commenced operations in August 2025. While the original lease agreement was scheduled to expire in August 2027, ExxonMobil Guyana—a subsidiary of the American energy giant—opted for early ownership acquisition. SBM Offshore will continue to handle vessel operations and maintenance until 2035 under the revised arrangement.
According to SBM Offshore, the substantial proceeds from the sale have been primarily allocated to retire a $1.74 billion project financing facility, substantially improving the shipbuilder’s debt position and financial stability.
The One Guyana FPSO represents a cornerstone in Guyana’s production expansion strategy, contributing to a combined daily production capacity of approximately 900,000 barrels across the four-vessel fleet. Remarkably, the acquisition was finalized just six months after the vessel became operational, demonstrating ExxonMobil’s aggressive investment timeline.
This transaction represents the culmination of ExxonMobil’s systematic vessel acquisition program. The company began with the $1.26 billion purchase of the FPSO Liza Unity in November 2023, followed by the $1.23 billion acquisition of the Prosperity FPSO and the $535 million purchase of Liza Destiny in 2024. Collectively, these four vessels represent a total investment of approximately $5.345 billion.
Although ExxonMobil Guyana now holds ownership of all FPSOs, the financing mechanism operates within the framework of the 2016 Petroleum Agreement. This contract permits the operator to utilize up to 75% of monthly oil production for cost recovery, with any unrecovered costs carried forward to subsequent months until full investment repayment is achieved.
The consolidated ownership of Guyana’s entire FPSO fleet substantially enhances ExxonMobil’s strategic position in the region and underscores the Stabroek Block’s emerging status as a global energy powerhouse with transformative economic implications for both the company and the South American nation.