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Exxon Strikes It Big In Guyana, Ups Resource Estimate To 8 Billion Barrels

ExxonMobil has revised upward its estimate of recoverable resources offshore Guyana by 2 billion barrels of oil equivalent to 8 billion oil-equivalent barrels, the U.S. supermajor said on Monday, also announcing its 16th oil discovery on the Stabroek Block.

The recoverable resource base of 8 billion oil-equivalent barrels includes the fifteen previous discoveries that ExxonMobil and its partners had made offshore Guyana until the end of 2019. The new discovery, at the Uaru well, is just 10 miles northeast of the Liza oilfield, which is already producing oil.

Guyana officially joined the ranks of oil producing nations at the end of December, after Exxon and its partners began oil production offshore the South American country.

Days after launching Guyana’s first-ever crude oil production, Exxon announced its 15th discovery on the Stabroek Block. The discovery at the Mako-1 well adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block, Exxon said on December 23.

And now, in its resource update today, Exxon announced its 16th find, the Uaru discover, which is its first of 2020 in offshore Guyana. The amount of oil will be added to the now 8-billion-barrel resource estimate at a later date.

Four drillships are currently exploring new resources and developing resources at approved projects offshore Guyana, Exxon said, adding that a fifth ship is set to be deployed later in 2020.

The Liza Phase 1 production is ramping up and will produce up to 120,000 bpd in the coming months. The floating production storage and offloading vessel (FPSO) with 220,000-bpd capacity, which will be used for the Phase 2 development, is currently under construction and is expected to begin oil production by the middle of 2022.

Exxon also hopes production from the Payara oilfield north of the Liza discoveries could start as early as 2023, reaching 220,000 bpd. This development is subject to Guyana government approvals and project sanctioning, Exxon says.  

By Tsvetana Paraskova for Oilprice.com

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