ExxonMobil discovers additional oil in offshore Guyana

ExxonMobil discovers additional oil in offshore Guyana

ExxonMobil has found further oil reserves in the Payara reservoir off the coast of Guyana, increasing the total Payara discovery to around 500 million barrels of oil-equivalent.

The well was found in the Stabroek Block, about 210km offshore Guyana, with the successful drill results increasing the estimated gross recoverable resource to 2.25-2.75 billion oil-equivalent barrels.

The Stabroek Block spans a distance of 26,800km2 and is also home to Exxon’s recently funded Liza phase 1 project, only 20km from the recent discovery in the Payara reservoir.

Exxon’s subsidiary Esso Exploration and Production Guyana holds a 45% interest in the Stabroek Block, along with Hess Guyana Exploration (30%) and CNOOC Nexen Petroleum Guyana (25%).

Steve Greenlee, president of ExxonMobil Exploration Company said: “Payara-2 confirms the second giant field discovered in Guyana.

“Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments and deliver substantial benefits to Guyana.

“We are committed to continue to evaluate the full potential of the Stabroek Block.”