ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion boe, and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block.
The new recoverable resource estimate includes 15 discoveries off the shore of Guyana through year-end 2019. The Uaru discovery is the first of 2020 and will be added to the resource estimate at a later date.
Mike Cousins, Senior Vice President of exploration and new ventures at ExxonMobil said: “With recent high-quality finds at Tripletail and Mako contributing to the recoverable resources, the company’s investments will continue to provide benefits for the people of Guyana […] The Uaru discovery is another positive step, beginning a new decade with the Co-operative Republic of Guyana and co-venturers.”
Uaru encountered approximately 94 ft of high-quality oil-bearing sandstone reservoir. The well, which drilled in 6342 ft of water, is located approximately 10 miles northeast of the Liza field, which began producing oil in December 2019.
Production from the Liza Phase 1 development is currently ramping up, and will produce up to 120 000 boe/d in the coming months, utilising the Liza Destiny FPSO.
The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a production capacity of 220 000 boe/d, is under construction and expected to start production by mid-2022.
Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220 000 boe/d.
Four drillships in Guyana continue to explore and appraise new resources, as well as develop the resources within approved projects. A fifth drillship is expected to be deployed later in 2020.
The Stabroek Block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Limited, holds 30% interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25% interest.
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