Latest update November 23rd, 2024 12:15 AM
ExxonMobil hits two more discoveries in Stabroek Block
Kaieteur News – ExxonMobil Corporation announced on Tuesday that its subsidiary in Guyana, Esso Exploration and Production Guyana Limited (EEPGL), made two new discoveries to the southeast of the Liza and Payara developments in the Stabroek block. The discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, with the total number of commercial discoveries in Guyana now at 33.
Hess Corporation’s CEO, John Hess
Exxon said the Seabob-1 well encountered approximately 131 feet (40 metres) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 metres) of water by the Stena Carron drill ship.
Natural Resources Minister, Vickram Bharrat
As for the Kiru-Kiru-1 well, it encountered approximately 98 feet (30 metres) of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet (1,756 metres) of water. Exxon said drilling operations at Kiru-Kiru are ongoing.
Also, Exxon said its 2022 investment plans include further exploration drilling and resource development in Guyana, where it is already increasing production at an accelerated, industry-leading pace.
Liam Mallon, President of ExxonMobil Upstream Company said on the heels of the announcement that the resources “will provide safe, secure energy for global markets for decades to come.” He added, “ExxonMobil and its partners continue to accelerate exploration, development and production activities for the benefit of all stakeholders, including the people of Guyana.”
EEPGL’s partner on the block, Hess Corporation was keen to note that it is excited by the news as it increases opportunities for Guyana and its shareholders.
Chief Executive Officer (CEO) John Hess said, “These discoveries will add to the discovered recoverable resource estimate for the block of approximately 11 billion barrels of oil equivalent, and we continue to see multibillion barrels of future exploration potential remaining.”
Speaking on the latest announcement, Minister of Natural Resources, Vickram Bharrat said the new discoveries will continue to ascend Guyana as an oil-producing and exporting nation with the much internationally sought after ‘medium sweet crude.’ Bharrat said the resources will enhance the government’s efforts to diversify away from oil and focus on world-class health care, infrastructure, and other social services to enhance the lives of all Guyanese.
Liam Mallon, President of ExxonMobil Upstream Company
Minister Bharrat in conclusion said government will continue to work with local stakeholders and international partners to ensure all petroleum activities are conducted in keeping with the best environmental and sustainability practices.
Thus far, two floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — have exceeded their initial combined production target of 340,000 barrels of oil per day.
A third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is 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.
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