The ExxonMobil company today announced that it has increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels.

Exxon has announced a new discovery at the Cataback-1 well, which brings the total significant discoveries to more than 20 within the Stabroek Block.

“The Cataback-1 well encountered 243 feet (74 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. It is located approximately 3.7 miles (6 kilometers) east of Turbot-1 and was drilled in 5,928 feet (1,807 meters) of water by the Noble Tom Madden”, Exxon said.

According to the company’s senior vice president of exploration and new ventures Mike Cousins, the newest discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential.

He said “Our proprietary technologies, global exploration experience and drilling capabilities continue to yield positive results in the Stabroek Block, which will generate additional value for Guyana.”

The President of ExxonMobil Guyana, Alistair Routledge said recent discoveries and on-going projects continue to contribute to the advancement of the Guyanese economy.

“For us it is very important that the people of Guyana feel the benefit of not just the revenues that are generated from the natural resource but also from the investment activities, the development activities, the work that’s needed to produce the oil and gas. And so, again, you look back and you say we’ve made remarkable progress since 2015; since that first discovery, more than US $500 million have been spent with local companies; more than 800 local businesses, companies are involved in the supply chain for our business. These are significant milestones in a very short space of time when you think of the scale of the industry and what it takes to move forward. And remember, we only have one project so far,” he explained.

With the arrival of Unity FPSO later this year and its start up in the first half of 2022, ExxonMobil Guyana expects to increase the current production capacity within the Stabroek block, realizing even greater benefits for Guyana.

“What that means of course is that we will almost be tripling the revenue stream to government, which will have more funds to invest whether it is in education, infrastructure and other projects for the benefit of all the people in Guyana,” Routledge added.

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