Government this afternoon announced that ExxonMobil has made its 13th discovery in the Stabroek Block, offshore Guyana.
In a statement, the Ministry of the Presidency said Director of Energy Dr. Mark Bynoe, this morning announced that the discovery was made at the Yellowtail-1 well in the Turbot area, which is being evaluated by the company as an additional development hub.
“Guyana continues to receive positive news with the announcement of these oil finds offshore, but of course, as I have said previously, the real substance of these finds will accrue only when citizens are able to benefit directly or indirectly from these discoveries. While we are already seeing substantial uptick in investment ventures, we as a Department we will be relentless in ensuring that we optimise the returns from these resources for all of Guyana” Bynoe was quoted as saying.
“The rate of these oil discoveries demonstrates the magnitude of Guyana’s natural resources. For years, Guyanese have heard of the country’s oil potential and we are now seeing it manifesting. The Department of Energy intends to employ international best practice in managing this resource and the monies that will be derived therefrom to give Guyanese ‘the good life’ that is in consonance with the construct of the Green State Development Strategy,” he added.
The statement added that the well encountered approximately 292 feet (89 metres) of high-quality [oil] bearing sandstone reservoir and was drilled to a depth of 18,445 feet (5,622 metres) in 6,046 feet (1,843 metres) of water. It is located approximately 6 miles (10 kilometres) northwest of the Tilapia discovery.
In February, ExxonMobil announced its 11th and 12th discoveries offshore Guyana at the Tilapia-1 and Haimara-1 wells in the southwest section of the Stabroek Block.
Meanwhile, the statement said the Noble Tom Madden began drilling the Yellowtail well on March 27th, 2019. Thereafter, it will drill the Hammerhead-2 well.
ExxonMobil intends to drill more than 10 exploration and appraisal wells offshore Guyana in 2019 and 2020. The company has noted the potential for at least five floating, production, storage and offloading (FPSO) vessels on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.
Start-up of the Liza Phase 1 development is expected to begin early in the first quarter of 2020 and it is projected to produce up to 120,000 barrels of oil per day utilising the Liza Destiny FPSO. Liza Phase 2 is currently awaiting a final investment decision, but is projected to commence production by mid-2022, the statement added.