• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 hours America should go after China but it should be done in a wise way.
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Crew Abandons Cargo Ship After Houthi Attack

Crew Abandons Cargo Ship After Houthi Attack

Attacks on Red Sea shipping…

Exxon Strikes More Oil Offshore Guyana

Exxon has made yet another in a long string of discoveries offshore Guyana in the Stabroek block, the company said this week.

“Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana,” said Mike Cousins, Exxon’s senior VP of exploration and new ventures.

The new discovery, at the Longtail-3 well, follows another recent one, from April, at the Uaru-2 well, which in turn followed a January discovery at the Uaru-1 well, cementing Guyana’s status as one of the biggest hot spots in oil exploration right now.

The Stabroek block reserves are estimated at some 9 billion barrels of oil equivalent following a series of discoveries.

Exxon and its partner in the Stabroek block, Hess Corp., 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 earlier this year.

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. The company recently revised up its Guyana production target for that year to 800,000 bpd, with output reaching 1 million bpd by 2027. By that year, there will be at least six wells operating in the Stabroek block, according to Exxon and Hess.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News