02/05/2022 by Mark
US-based oil major ExxonMobil has continued its run of discoveries offshore of Guyana with three new finds, resulting in it raising its estimate for recoverable oil and gas in the area to 11 billion barrels.
Exxon, which also produces Mobil industrial fluids like gas engine oil, operates the Stabroek Block through its local affiliates, although CNOOC Ltd. and Hess Corp. also have stakes in the block. Since 2015, the company has made 31 discoveries in the block, with five now being made this year alone. According to Exxon, it found hydrocarbon-bearing sandstone at the Lukanani-1, Patwa-1 and Barreleye-1 wells, which lie south east of the existing developments called Liza and Payara.
ExxonMobil Upstream Company President Liam Mallon said that the new discoveries and the associated upgrade in estimated resources had enhanced his company’s faith in its exploration strategy for the block, adding that it will also:
“Help to inform our future development plans for the southeast part of the block. 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.”
Exxon and its partners expect to be pumping 1.2 million barrels per day (bpd) of oil and gas from the block by 2027. The Liza Phase 1 development is already pumping some 130,000 bpd, while Liza Phase 2 is currently ramping up its capacity, with it expected to reach 220,000 bpd. A further project is expected to come online before the end of next year.
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