ExxonMobil increases Guyana estimates by two billlion barrels, makes another discovery

ExxonMobil has increased its estimated recoverable resources in Guyana by two billion barrels after a hot streak of discoveries at the prolific Stabroek block.

The oil major made 15 discoveries in the region through to the end of 2019, taking the new total to eight billion barrels.

Exxon has now also made a fresh discovery – it’s 16th and first of 2020 – at the Uaru exploration well. Uara’s resource estimate will be added later but Exxon said it will be “incremental” to the overall total.

Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said: “With recent highquality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana.

“The Uaru discovery is another positive step as we begin a new decade with the Co-operative Republic of Guyana and our co-venturers.”

Uaru is around 10miles north-east of the huge Liza field, which started production in December.

The well encountered

approximately 94 feet of “highquality oil bearing sandstone reservoir” after being drilled in 6,342 feet of water.

Exxon is using four drillships to explore and appraise new resources in Guyana, while a fifth is expected to be deployed later this year. The Stabroek Block lies across 26,800 square kilometers.

ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest, along Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%). (Energy Voice)