Latest update November 21st, 2024 1:00 AM
Guyana’s proven reserves climbs to over 10 billion barrels — Exxon
The Noble Tom Madden that made the discovery
Kaieteur News – Guyana’s recoverable oil resources increased to over 10 billion oil equivalent barrels with the newest Cataback-1 well discovery according to the Ministry of Natural Resources, which in a public statement yesterday noted this new recoverable resource estimate, includes discoveries made in Guyana through early September 2021.
As such, Guyana is now the country with the third highest oil reserves in the Latin America and Caribbean Region, “and as the petroleum sector continues to drive the country’s economic growth, the Ministry of Natural Resources on behalf of the Government of Guyana is pleased to announce Guyana’s newest Oil Discovery by Exxon Exploration and Production Guyana (EEPGL) and partners at Cataback Offshore Guyana, within the Stabroek Block.”
According to the Ministry, this newest discovery has increased the Stabroek Resource estimate to over 10 billion barrels of oil-equivalent (10 BBOE) and further enhanced the development potentials of Guyana’s offshore blocks.
Additionally, it was noted that the new discovery offshore Guyana at the Cataback-1 well, now indicated that there is a total of 25 economically viable discoveries within the Stabroek Block to date.
The well, according to the Ministry, encountered 243 feet (74 meters) of net pay in high-quality hydrocarbon-bearing sandstone reservoirs. It is located approximately 3.7 miles (6 kilometers) west of Turbot-1 and was drilled in 5,928 feet (1,807 meters) of water by the Noble Tom Madden.
“In transforming the hydrocarbons sector, the Ministry of Natural Resources and the Government of Guyana remain committed to enhancing the exploration and development of Guyana’s oil and gas resources.”
According to Minister of Natural Resources with responsibility for Petroleum, Vickram Bharrat “I would like to once again remind all Guyanese and stakeholders that the oil and gas investments and activities will be undertaken in a manner that is keeping with international best practices for compliance and transparency within the petroleum sector.”
He additionally said that government “is continually working through consultations to enhance local content with policies and legislation that will create a sustainable development pathway to ensure maximum economic benefits for all Guyanese.”
Meanwhile, the Minister in his statement reiterated that the Liza Unity Floating Production Storage and Offloading (FPSO) vessel is halfway on its journey to Guyana and it is expected to arrive offshore in mid-November 2021 with an anticipated startup of production in early 2022. The Liza Unity FPSO has a capacity of approximately 220,000 barrels of oil per day, which will complement the Liza Density FPSO, which is currently producing approximately 120,000 barrels of oil per day, bringing Guyana to producing approximately 330,000 barrels of oil per day in 2022.
ExxonMobil in announcing the discovery said the find at the Cataback-1 well builds confidence in the greater Turbot area.
ExxonMobil’s affiliate Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—is the operator of the 6.6 million acres (26,800 square kilometers) Stabroek Block.
It holds 45 percent interest in the Stabroek Block, while Hess Guyana Exploration Ltd. holds 30 percent interest, and CNOOC Petroleum Guyana Limited holds 25 percent interest.
Commenting on the new discovery Hess CEO, John Hess said, “We are pleased that Cataback is our 21st significant discovery on the Stabroek Block and further underpins the potential for future developments. We continue to see multibillion barrels of additional exploration potential remaining on the block.”
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