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Breaking News:

Oil Should Stay In Triple Digits: Analyst

ExxonMobil Hikes Resource Estimate After 3 New Guyana Discoveries

ExxonMobil has increased its estimate of the gross discovered recoverable resource estimate for its Stabroek Block in offshore Guyana to 11 billion oil-equivalent barrels, thanks to three new discoveries at the site. This was increased from the previous estimate of 10 billion barrels. 

Exxon stated that it had made hydrocarbon-bearing sandstone discoveries at the wells of Barreleye-1, Patwa-1 and Lukanani-1. This brings the company’s total discoveries this year to five in offshore Guyana, which included the discoveries at Fangtooth and Lau Lau made earlier this year.

At Barreleye-1, Exxon discovered 230 ft (70 m) of hydrocarbon-rich sandstone and was drilled at a water depth of 3,840 ft (1,170 m). The discovery at Patwa-1, made at a water depth of 6,315 ft (1,925 m), uncovered 108 ft (33 m) of hydrocarbon-bearing sandstone. The discovery at Lukanani-1, conducted at a water depth of 4,068 ft (1,240 m) found 115 ft (35 m) of hydrocarbon-rich sandstone.

At present, Exxon has four sanctioned projects in the area, and has plans to scale this up to 10 production units. The current capacity of Liza Phase I is 130,000 barrels per day, with the Liza Destiny floating production storage and offloading (FPSO) vessel.

Liza Phase II commenced production in February 2022, and aims to reach a capacity of 220,000 barrels per day using the Liza Unity FPSO.

Payara, Exxon’s third project in the region, has started construction on its Prosperity FPSO, and likely to commence production by the end of 2023. Its expected capacity is 220,000 barrels per day.

Finally, Yellowtail, its fourth project in the region is expected to deliver 250,000 barrels per day when its ONE GUYANA FPSO launches in 2025.

By Gandahari Cooray for Oilprice.com

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  • Dan Scott on April 27 2022 said:
    What an amazing resource for Guyana and ExxonMobil. Who said we're at peek oil?

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