Guyana Just Keeps On Giving As Exxon Makes Two More Discoveries

Guyana Just Keeps On Giving As Exxon Makes Two More Discoveries
ExxonMobil is continuing with its incredibly precise exploration of Guyana's Stabroek block with two new discoveries southeast of the Liza and Payara developments.

U.S. supermajor ExxonMobil is continuing with its incredibly precise exploration of Guyana’s Stabroek block with two new discoveries southeast of the Liza and Payara developments.

The exploration work in Guyana for Exxon appears laser-guided as the discoveries at Seabob and Kiru-Kiru are the sixth and seventh in the country this year, with the total number of discoveries in Guyana at more than 25.

The Seabob-1 well encountered approximately 131 feet of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet of water by the Stena Carron drillship. The Kiru-Kiru-1 well encountered approximately 98 feet of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet of water. According to the company, drilling operations at Kiru-Kiru are still ongoing.

“ExxonMobil and its partners continue to accelerate exploration, development, and production activities for the benefit of all stakeholders, including the people of Guyana,” said Liam Mallon, president of ExxonMobil Upstream Company. “The resources we are investing in and discovering offshore Guyana will provide safe, secure energy for global markets for decades to come.”

The company’s 2022 investment plans include further exploration drilling and resource development in Guyana, where it is already increasing production at an accelerated, industry-leading pace. 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,” Exxon explained.

The supermajor added that its Guyana investment strategy continues to yield positive results with additional exploration wells planned later this year.

In a separate statement, the CEO of Exxon’s partner in the block, Hess, John Hess said: “We are excited to announce two more discoveries on the Stabroek Block, bringing our total this year to seven. 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.”

Guyana’s Stabroek block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest in the block. Hess Guyana Exploration holds 30 percent interest and CNOOC Petroleum Guyana Limited holds the remaining 25 percent interest.

To contact the author, email bojan.lepic@rigzone.com


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