ExxonMobil announces three new oil discoveries, says committed to delivering value

ExxonMobil on Tuesday announced three new discoveries offshore Guyana, increasing the resource estimate on the Stabroek Block to 11Billion Barrels.  The three discoveries at the Barreleye-1, Patwa-1 and Lukanani-1 Wells, are southeast of the Liza and Payara developments and bring to five the discoveries made by ExxonMobil in Guyana in 2022.

In statement from the company, president of ExxonMobil Upstream Company Liam Mallon said “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.”

With increased confidence in its exploration strategy, President of ExxonMobil Guyana Allistair Routledge in a video comment noted that “it takes time for us to mature the resource into these projects but the discovery process is continuing to happen.” He added that “these projects will ultimately bring huge benefits to the country of Guyana.”

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.

ExxonMobil currently has four sanctioned projects offshore Guyana and has applied for the fifth approval of its Field Development Plan.

Currently, 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.