ExxonMobil this afternoon announced three new discoveries offshore Guyana and said it has increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels.
In a statement, the company said the three discoveries are southeast of the Liza and Payara developments and bring to five the discoveries made by ExxonMobil in Guyana in 2022.
“The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water. Drilling at Patwa-1 encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was conducted in 6,315 feet (1,925 meters) of water. The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled in a water depth of 4,068 feet (1,240 meters),” it announced, while noting that operations are ongoing at Barreleye-1 and Lukanani-1.
Liam Mallon, president of ExxonMobil Upstream Company, said, ““These discoveries and the updated resource estimate increase the confidence we have in our ambitious exploration strategy for the Stabroek Block and will help to inform our future development plans for the southeast part of the block.”
He added, ExxonMobil remains committed to delivering value at an accelerated pace to the people of Guyana, our partners and shareholders and reliably supplying affordable energy to meet increasing demand around the world.”
The company noted that it currently has four sanctioned projects offshore Guyana: Liza Phase 1, which is producing approximately 130,000 barrels per day using the Liza Destiny floating production storage and offloading (FPSO) vessel; Liza Phase 2, which started production in February and is ramping up to its capacity of 220,000 barrels per day using the Liza Unity FPSO; the Payara project, is expected to produce 220,000 barrels per day and for which construction on its production vessel, the Prosperity FPSO, is running approximately five months ahead of schedule with start-up likely before year-end 2023; and Yellowtail, which is expected to produce 250,000 barrels per day when the “ONE GUYANA FPSO” comes online in 2025.
