MODEC, Inc. (MODEC) is pleased to announce that it will proceed with engineering, procurement, and construction on the Uaru Floating Production, Storage, and Offloading (FPSO) vessel following a final investment decision on the Uaru project by ExxonMobil Guyana (ExxonMobil) and its co-venturers on April 27, 2023.

Uaru is a significant addition to MODEC’s portfolio and it covers the Engineering, Procurement, Construction, and Installation (EPCI) of the FPSO. MODEC will also provide ExxonMobilwith operations and maintenance service of the FPSO for 10 yearsfrom its first oil production.

The Uaru FPSO is named ‘Errea Wittu’, which means ‘abundance’, and will be the fifth offshore FPSO in Guyana. The FPSO will combine the development of the Snoek, Mako and Uaru resources in the Stabroek block. It will be deployed approximately 200 kilometers offshore Guyana, at a water depth of 1690 meters, using a SOFEC Spread Mooring System, and it will be able to store around 2 million barrels of crude oil. ExxonMobil’s co-venturers on the Stabroek block are Hess Guyana Exploration LTD (30%) and CNOOC Petroleum Guyana Limited (25%).

Offshore Frontier Solution Pte. Ltd. (“OFS”), a MODEC Group Company and a joint venture with Toyo Engineering Corporation, launched inAugust 2022, will be responsible for the engineering, procurement,and construction of the FPSO based on MODEC’s M350TM new-build hull. The FPSO will have a topside designed to produce approximately 250,000 barrels of oil per day and will have associated gas treatment capacity of 540 million cubic feet per day, water injection capacity of 350,000 barrels per day and produced water capacity of 300,000 barrels per day.

“We are extremely honored to be chosen to provide a FPSO for the Uaru project”, commented Takeshi Kanamori, President & CEO of MODEC. “This isour first project with ExxonMobilsince we delivered FSO Kome Kribi 1 in Cameroon for Esso Chad in 2003. It is indeed a long-desired new project for MODEC, and we look forward to cooperating closely with the client and its co-venturers to make this project a success.”

The FPSO will be MODEC’s first for use in Guyana and it will be the 18th FPSO/FSO project delivered by MODEC for use in South America.

About MODEC

MODEC is the only company in Japan that provides total solutions related to floating facilities, including FPSOs (Floating Production, Storage & Offloading system).

MODEC aims to provide technologies for the manufacturing and operation of offshore production facilities for methane hydrate, a seabed resource that lies in seafloor deposits in the seas around Japan, by applying the technologies we have cultivated through the construction and operation of FPSOs.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.