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Charles Kennedy

Charles Kennedy

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Exxon Makes Another Oil Discovery Offshore Guyana

ExxonMobil and its partner Hess announced on Tuesday a new oil discovery in the Stabroek Block offshore Guyana that would add to the already announced 9 billion oil-equivalent barrels in more than a dozen discoveries in the block.

The latest oil discovery was made at the Uaru-2 well, which showed high-quality oil-bearing reservoirs, including newly-identified intervals below the original Uaru-1 discovery, Exxon said in a statement.

The Uaru-1 discovery was announced in January 2020 and was the 16th discovery in the Stabroek Block.

“The Uaru-2 discovery will add to the discovered recoverable resource estimate of approximately 9 billion barrels of oil equivalent,” Hess Corporation’s chief executive John Hess said, commenting on the discovery at Uaru-2.

In less than five years, Exxon and its partners in the Stabroek Block made more than a dozen quality discoveries on the block, making Guyana the newest oil-producing nation in December 2019.    

Exxon and Hess expect at least six projects online by 2027 and see the potential for up to 10 floating production storage and offloading vessels (FPSOs) to develop the current recoverable resources offshore Guyana.

The Liza Phase 1 offshore project—Guyana’s first oil-producing project led by ExxonMobil—has reached its full planned production capacity of some 130,000 barrels per day (bpd), Guyana’s President Irfaan Ali said last month.

The Liza Phase 2 Project is designed to pump up to 220,000 bpd with a floating, production, storage, and offloading vessel (FPSO), with start-up expected in the middle of next year, Exxon says.

Guyana is one of the top priorities in the U.S. supermajor’s strategy to focus on high-return and cash-generating projects that would allow it to grow its dividend through 2025.

Last September, Exxon said it had made the final investment decision on the Payara offshore field in Guyana, expecting Payara to yield up to 220,000 bpd of crude when commercial production begins in 2024.

By Charles Kennedy for Oilprice.com

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