ExxonMobil makes three more discoveries in Stabroek Block

Apr 27, 2022 News

– increases reserve estimate to nearly 11B barrels

Kaieteur News – ExxonMobil Corporation made three new discoveries offshore Guyana following which, it increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels.

Map showing the location of the three latest discoveries in the Stabroek Block.

In a missive to the media on Tuesday, the company said the three discoveries are southeast of the Liza and Payara developments.
Expounding on the discoveries made, it said the Barreleye-1 well encountered approximately 230 feet (70 metres) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 metres) of water.
It noted too that drilling at Patwa-1 encountered 108 feet (33 metres) of hydrocarbon-bearing sandstone and was conducted in 6,315 feet (1,925 metres) of water while the Lukanani-1 well encountered 115 feet (35 metres) of hydrocarbon-bearing sandstone and was drilled in a water depth of 4,068 feet (1,240 metres). Operations are ongoing at Barreleye-1 and Lukanani-1.
“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,” said Liam Mallon, President of ExxonMobil Upstream Company. 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.”
Chief Executive Officer of Hess Corporation, John Hess also commented on the exciting news as he said, “These new discoveries further demonstrate the extraordinary resource density of the Stabroek Block and will underpin our queue of future development opportunities. We look forward to continuing to work with the Government of Guyana and our partners to realise the remarkable potential of this world class resource for the benefit of all stakeholders.”
The Government of Guyana through the Ministry of Natural Resources also welcomed the continued success of exploration and discovery work by Exxon and its partners, Hess and CNOOC, within the Stabroek Block.
Natural Resources Minister, Vickram Bharrat stated that the new discoveries add to Guyana’s growing legacy as an oil-producing and exporting nation with ‘medium sweet crude.’ He believes the resource will catalyse President Irfaan Ali’s mission to realise a higher standard of living and better quality of life for all Guyanese. “The Government of Guyana remains vigilant and committed to ensuring the benefits of Guyana’s petroleum resources benefit all Guyanese paving the way for a thriving future for generations ahead,” said Minister Bharrat.
Furthermore, the Ministry of Natural Resources and the Government of Guyana welcome these three new discoveries offshore Guyana, totaling 31 discoveries within the Stabroek Block and 36 discoveries overall, which will strengthen Guyana as a petroleum-producing country, while at the same time be guided by good international oil field practices for effective and efficient governance.
At the moment, ExxonMobil has four sanctioned projects offshore Guyana. Liza Phase 1 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, is steadily ramping up to its capacity of 220,000 barrels per day using the Liza Unity FPSO. The third project, Payara, is expected to produce 220,000 barrels per day; and construction on its production vessel, the Prosperity FPSO, is running approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.
Guyana’s Stabroek Block is 6.6 million acres (26,800 square kilometres). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest in the Block. Hess Guyana Exploration Ltd. holds 30 percent interest, and CNOOC Petroleum Guyana Limited holds 25 percent interest.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News