ExxonMobil Makes Three New Discoveries Offshore Guyana, Increases Stabroek Resource Estimate to Nearly 11 Billion Barrels
April 26 2022 - 4:15PM
Business Wire
- Discoveries at Barreleye-1, Patwa-1 and Lukanani-1 to inform
future development plans in southeast portion of block
- Continued success in Stabroek Block validates company’s
ambitious exploration strategy
- Brings total discoveries offshore Guyana in 2022 to five
ExxonMobil has made three new
discoveries offshore Guyana and increased its estimate of the
recoverable resource for the Stabroek Block to nearly 11 billion
oil-equivalent barrels.
The three discoveries are southeast of the Liza and Payara
developments and bring to five the discoveries made by ExxonMobil
in Guyana in 2022.
The Barreleye-1 well encountered approximately 230 feet (70
meters) of hydrocarbon-bearing sandstone and was drilled in 3,840
feet (1,170 meters) of water. Drilling at Patwa-1 encountered 108
feet (33 meters) of hydrocarbon-bearing sandstone and was conducted
in 6,315 feet (1,925 meters) of water. The Lukanani-1 well
encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone
and was drilled in a water depth of 4,068 feet (1,240 meters).
Operations are ongoing at Barreleye-1 and Lukanani-1.
“These discoveries and the updated resource estimate increase
the confidence we have in our ambitious exploration strategy for
the Stabroek Block and will help to inform our future development
plans for the southeast part of the block,” said Liam Mallon,
president of ExxonMobil Upstream Company. “ExxonMobil remains
committed to delivering value at an accelerated pace to the people
of Guyana, our partners and shareholders and reliably supplying
affordable energy to meet increasing demand around the world.”
ExxonMobil currently has four sanctioned projects offshore
Guyana. Liza Phase 1 is producing approximately 130,000 barrels per
day using the Liza Destiny floating production storage and
offloading (FPSO) vessel. Liza Phase 2, which started production in
February, is steadily ramping up to its capacity of 220,000 barrels
per day using the Liza Unity FPSO. The third project, Payara, is
expected to produce 220,000 barrels per day; construction on its
production vessel, the Prosperity FPSO, is running approximately
five months ahead of schedule with start-up likely before year-end
2023. The fourth project, Yellowtail, is expected to produce
250,000 barrels per day when the ONE GUYANA FPSO comes online in
2025.
Guyana’s Stabroek Block is 6.6 million acres (26,800 square
kilometers). ExxonMobil affiliate Esso Exploration and Production
Guyana Limited is the operator and holds 45% interest in the Block.
Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC
Petroleum Guyana Limited holds 25% interest.
About ExxonMobil
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energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, schedules, capacities, production rates, and
resource recoveries could differ materially due to: changes in
market conditions affecting the oil and gas industry or long-term
oil and gas price levels; political or regulatory developments
including obtaining necessary regulatory permits; reservoir
performance; the outcome of future exploration efforts; timely
completion of development and construction projects; technical or
operating factors; the outcome of commercial negotiations;
unexpected technological breakthroughs or challenges; and other
factors cited under the caption “Factors Affecting Future Results”
on the Investors page of our website at exxonmobil.com and under
Item 1A. Risk Factors in our annual report on Form 10-K. References
to “recoverable resources,” “oil-equivalent barrels,” and other
quantifies of oil and gas include estimated quantities that are not
yet classified as proved reserves under SEC definitions but are
expected to be ultimately recoverable. The term “project” can refer
to a variety of different activities and does not necessarily have
the same meaning as in any government payment transparency
reports.
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