Exxon makes15th discovery at Stabroek Block

Dec 24, 2019 News

Just after the production of Guyana’s first oil, ExxonMobil yesterday made a discovery offshore Guyana at the Mako-1 well thus making it the 15th discovery on the Stabroek Block.
This adds to the previously discovered wells with an estimated amount of recoverable of more than six billion oil equivalent barrels.
Mako-1 is approximately 164 feet (50 meters) of a high quality oil bearing sandstone reservoir, drilled in 5,315 feet of water located southeast of Liza field, which began production on December 20, 2019, projected to produce 120 barrels of oil per day utilising the Liza Destiny Floating Production Storage and Offloading vessel (FPSO).
The Liza Unity is projected to have a production capacity of 220,000 barrels per day; it is under construction and is expected to start production in mid 2022.
The Government of Guyana approvals are pending along with the project sanctioning of the third development production from the Payara field north of the Liza discoveries.
This aims to begin as early as 2023 reaching an estimate of 220,000 barrels of oil per day. The drilling activities continue with the four drill ships to further explore and evaluate new resources as well as develop the resources within the approved projects.
Stabroek Block has 6.6 million acres and now has 15 wells, Exxon combined with the Esso Exploration and Production Guyana Limited is operator and holds 45% production interest in the Stabroek Block.
Hess Guyana exploration holds 30% production interest and the CNOOC Petroleum Guyana Limited holds 25% production interest.
“The discovery by ExxonMobil Guyana and its partners comes on heels of the start of oil production. The Cooperative Republic of Guyana is experiencing a truly historic moment that has all the ingredients to facilitate a paradigm shift towards sustained economic transformation,” said Dr. Mark Bynoe.
The government gave all assurance for the continuation of ensuring the petroleum revenues benefit all Guyanese through decades of development while the Department of Energy will continue to be at the vanguard of this effort.
Strengthening capacity to allow the effective and efficient management of Guyana’s hydrocarbon resources and enhance value retention.

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