Latest update November 2nd, 2024 1:00 AM
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- Exxon says oil production in Guyana increased by 60% since last year
- Guyana’s oil funds can fund modernization of electoral system-AFC
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Guyana sets new oil discovery record – now the largest new conventional liquids play in the last decade
Kaieteur News – The Yellowtail-2 and Redtail discoveries which were made in July and September respectively have pushed Guyana’s recoverable estimate to approximately nine billion oil equivalent resources. In light of this development, Guyana is now the largest new conventional liquids play in the last decade says Senior Vice President at ExxonMobil, Jack Williams.
The ExxonMobil official made this revelation during the company’s third quarter earnings call that was held yesterday.
Williams recalled that the Yellowtail-2 well had encountered 69 feet (21 meters) of net pay in a newly identified, high quality oil bearing reservoirs among the original Yellowtail-1 discovery intervals in the Stabroek Block. He said it also serves as ExxonMobil’s 17th oil discovery in the block.
With respect to the Redtail discovery, he said it was ExxonMobil’s 18th oil discovery in the Stabroek Block and encountered approximately 232 feet (70 meters) of high-quality oil bearing sandstone. It was drilled in 6,164 feet (1,878 meters) of water.
In light of this new resource increase, both ExxonMobil and Hess Corporation have confidently stated that Guyana remains a priority investment asset given its high cash flow returns in a short period of time.
Both are also excited about other development projects which will be coming on board soon. In this regard, ExxonMobil was keen to remind shareholders that the Liza Two project remains on schedule for 2022 start-up, while noting that the Liza Unity FPSO is under construction in Singapore. Kaieteur News understands that the first offshore installation campaign is underway. Also in the third quarter ExxonMobil reminded that it sanctioned the Payara project, its third major deepwater development on the Stabroek Block. Williams said the oil giant anticipates first production in 2024 while adding that the FPSO that will support the project will have a capacity of 220,000 barrels of oil per day. He also noted that Payara has a resource base of 600 million barrels of oil. The FPSO construction for Payara will follow Liza Two, utilizing many of the same contractors and fabrication yards.
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