ExxonMobil Finds Oil Two More Times In Guyana
U.S. supermajor ExxonMobil has made discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities.
ExxonMobil has made more than 30 discoveries on the block since 2015, and it has ramped up offshore development and production at a pace that far exceeds the industry average.
“Our unrivaled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities, and steadfast focus on optimizing all aspects of operations.”
“We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable, and lower-emission energy. Our investments through the pandemic have allowed us to increase supply at this critical time while creating value for the people of Guyana, our partners, and shareholders,” said Liam Mallon, president of the ExxonMobil Upstream Company.
The Sailfin-1 well encountered approximately 312 feet of hydrocarbon-bearing sandstone and was drilled in 4,616 feet of water. The Yarrow-1 well encountered approximately 75 feet of hydrocarbon-bearing sandstone and was drilled in 3,560 feet of water. Both wells were drilled by the Stena Carron drillship.
ExxonMobil’s first two sanctioned offshore Guyana projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and achieved an average of nearly 360,000 barrels of oil per day in the third quarter. A third project, Payara, is expected to start up by the end of 2023, and a fourth project, Yellowtail, is expected to start up in 2025.
ExxonMobil is currently pursuing environmental authorization for a fifth project, Uaru. By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day.
Guyana’s Stabroek block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds a 45 percent interest in the block. Hess Guyana Exploration holds a 30 percent interest, and CNOOC Petroleum Guyana holds a 25 percent interest.
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