Exxon Marks Stabroek Sweet 16



Exxon Marks Stabroek Sweet 16
ExxonMobil, operator of the Stabroek Block offshore Guyana, on Monday reported an oil discovery at the Uaru exploration well, located near the producing Liza field.

Exxon Mobil Corp., operator of the Stabroek Block offshore Guyana, on Monday reported an oil discovery at the Uaru exploration well, located near the producing Liza field.

Uaru, the 16th Stabroek discovery, encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone and was drilled in 6,342 feet (1,933 meters) of water, ExxonMobil noted in a written statement emailed to Rigzone. The company added the latest find is located approximately 10 miles (16 kilometers) northeast of Liza, which achieved first oil last month.

In conjunction with the Uaru announcement, ExxonMobil also stated it has raised its recoverable resource estimate by 2 billion barrels of oil equivalent (boe) to more than 8 billion boe. The supermajor noted the latest figure, which ups Stabroek’s estimated bounty by roughly one-third, includes 15 offshore Guyana discoveries. The company added that it will add Uaru to the resource estimate at a later date.

“With recent high-quality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana,” commented Mike Cousins, ExxonMobil’s executive vice president for exploration and new ventures. “The Uaru discovery is another positive step as we begin a new decade with the Co-operative Republic of Guyana and our co-venturers.”

Separately, one of the co-venturers – Hess Corp. – expressed optimism about future milestones in Stabroek.

“We also continue to see multibillion barrels of additional exploration potential remaining,” remarked Hess CEO John Hess.

Hess Corp. and ExxonMobil noted the Liza Destiny floating production, storage and offloading (FPSO) vessel – deployed at the Liza field – is ramping up and should hit full production of 120,000 gross barrels of oil per day in the coming months. Phase 2 of Liza, which will rely on the Liza Unity FPSO, will boast a production capacity of 220,000 gross barrels of oil per day and should achieve first oil in mid-2022, the companies stated.

According to Hess and ExxonMobil, four drillships continue to explore and appraise new resources in Guyana and should be joined by a fifth drillship later this year.

ExxonMobil subsidiary Esso Exploration and Production Guyana Limited owns a 45-percent interest in Stabroek, with Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited holding 30-percent and 25-percent stakes, respectively.

To contact the author, email mveazey@rigzone.com.



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