ExxonMobil make major discovery in Guyana field

Exxon ups recoverable resources to more than 8 billion oil-equivalent barrels

- Advertisement -

US energy major ExxonMobil said on 27 January the company has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block.
The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019. The Uaru discovery is the first of 2020 and will be added to the resource estimate at a later date.
“With recent high-quality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “The Uaru discovery is another positive step as we begin a new decade with the Co-operative Republic of Guyana and our co-venturers.”
Uaru encountered approximately 29 metres of high-quality oil-bearing sandstone reservoir. The well, drilled in 1,933 metres of water, is located approximately 16 kilometres northeast of the Liza field, which began producing oil in December 2019.
Production from the Liza Phase 1 development is currently ramping up and will produce up to 120,000 barrels of oil per day in the coming months, utilizing the Liza Destiny floating production storage and offloading vessel (FPSO).
The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a production capacity of 220,000 barrels of oil per day, is under construction and expected to start production by mid-2022.
Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220,000 barrels of oil per day.
Four drillships in Guyana continue to explore and appraise new resources as well as develop the resources within approved projects. A fifth drillship is expected to be deployed later this year.
The Stabroek Block is 26,800 square kilometers. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Limited, holds 30% interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25% interest.

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

The ruling of the EU Court on “Golden passports” and the consequences in Tirana

“Whatever the European Court decides," and “If it says...

Taking off: Qatar’s strategic rise in global aviation

For Qatar, an important development took place recently as...

False economy: Washington will regret closing important diplomatic posts

At this point many readers will have seen press...

The Geoeconomic Repercussions of Trump’s Tariff Pause: A Balkan Perspective

On April 2, 2025, U.S. President Donald Trump announced...

Don't miss

The ruling of the EU Court on “Golden passports” and the consequences in Tirana

“Whatever the European Court decides," and “If it says...

Taking off: Qatar’s strategic rise in global aviation

For Qatar, an important development took place recently as...

False economy: Washington will regret closing important diplomatic posts

At this point many readers will have seen press...

The Geoeconomic Repercussions of Trump’s Tariff Pause: A Balkan Perspective

On April 2, 2025, U.S. President Donald Trump announced...

U.S.-China tariff struggle, Iran issue affect energy demand, oil prices

International Energy Agency (IEA) Executive Director Fatih Birol said on April 23 oil prices may decline further this year due to slow demand growth...

Ahead of nuclear talks, Trump administration orders new sanctions on Iran’s shadow fleet and Chinese refiners

Washington’s sanctions campaign of “maximum pressure on Iran” is intensifying, despite the start of initial discussions between the U.S. and Iran over nuclear issues...

Romania utilizing all available resources to boost its energy independence

Romania is using all energy resources available, including natural gas as the country advances rapidly with Neptun Deep gas project and new wind and...

Apollo Funds to partner with BP on TANAP gas pipeline from Azerbaijan to Turkey

British energy company BP said on March 21 it has reached agreements for Apollo-managed funds to purchase a 25 percent non-controlling stake in BP...

Caspian-Black Sea Green Energy Corridor countries push project forward

The Ministers of Azerbaijan, Georgia, Hungary and Romania met in Budapest on March 10, where they signed a joint letter to EU Energy Commissioner...

Ignoring Russia, latest Trump administration Iran sanctions increase pressure on an old enemy

On March 13, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned (“designated” in OFAC language) Iran’s Minister of Petroleum, Mohsen...

EU signs critical raw materials, energy and infrastructure deals with Kazakhstan

As part of the visit of EU Commissioner for International Partnerships Jozef Síkela to Astana, the European Union and Kazakhstan signed on March 13...

Weaning Europe off its Russian gas addiction

The Viking hero Ragnar Lodbrok once said “don't waste your time looking back. You're not going that way.” The words of the former king...