The ExxonMobil company this afternoon announced a triple discovery of oil offshore Guyana on the Stabroek Block, which has now pushed the estimated discovery on the Stabroek Block to nearly 11 billion barrels.
In a statement, the company said 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 of hydrocarbon-bearing sandstone, while drilling at Patwa-1 encountered 108 feet (of hydrocarbon-bearing sandstone and the Lukanani-1 well encountered 115 feet of hydrocarbon-bearing sandstone.
According to the company, operations are ongoing at Barreleye-1 and Lukanani-1.
In a statement, the President of ExxonMobil Upstream Company, Liam Mallon said the new discoveries and the updated resource estimate increase the confidence that the company has in its ambitious exploration strategy for the Stabroek Block and will help to inform its future development plans for the southeast part of the block.
He added that “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, with construction on its production vessel, the Prosperity FPSO, running approximately five months ahead of schedule.
The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.
In a statement this afternoon, the Government of Guyana welcomed the new discoveries.
Natural Resources Minister, Hon. Vickram Bharrat said the new discoveries add to Guyana’s growing legacy as an oil-producing and exporting nation with ‘medium sweet crude,’ which will catalyze the One Guyana goal of enhanced infrastructure, world-class health care, and education realizing a higher standard of living and better quality of life for all Guyanese.
He added that the Government of Guyana remains vigilant and committed to ensuring the benefits of Guyana’s petroleum resources benefit all Guyanese paving the way for a thriving future for generations ahead.