Saipem receives authorization to execute the Whiptail Oilfield Development Project in Guyana
Saipem, an Italian offshore energy services company, has obtained the necessary authorization to continue work on ExxonMobil's Whiptail oil field development project, located in the Starbroek block, off the coast of Guyana. What does this mean for the region’s energy sector?
Scope of work and contract value
Saipem's scope of work includes detailed engineering, procurement, construction and installation (EPCI) of a subsea production facility. This contract, awarded in November 2023, is valued between US$750 million and US$1.5 billion. How can these investments impact Guyana’s economy?
Authorization and execution of works
Following final sanction of the project by the client and co-venturers, as well as the necessary regulatory clearances, ExxonMobil Guyana Limited gave the green light to Saipem to proceed with the execution of the works. What are Saipem's next steps in this project?
Initial activities and offshore installation
Saipem has already started initial activities such as detailed engineering and procurement of long-lead items. With the authorization issued, the company can now move forward with the remaining project activities. Saipem's FDS2, Castorone and Constellation vessels will be used for the offshore installation. What is expected from these operations?
Commitment to sustainable growth
To strengthen its commitment to sustainable growth in the country, Saipem plans to establish an offshore construction facility in Guyana, located in the port of Georgetown, and an additional local manufacturing facility. How can these initiatives benefit the economy and the local community?
Concluding the News
The Whiptail oil field development project represents a significant milestone for the offshore energy industry in Guyana. With the authorization granted to Saipem, it is expected that the works will advance and contribute to the sustainable economic development of the region.
