US oil major ExxonMobil has increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels.
The updated resource estimate includes a new discovery at the Cataback-1 well, which brings the total significant discoveries to more than 20 within the Stabroek Block, a statement from Exxon-Mobil said yesterday.
The Cataback-1 well encountered 243 feet (74 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. The statement said that 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.
“This discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “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 statement quoted him as saying.
ExxonMobil’s recent discoveries and ongoing projects continue to contribute to the advancement of the Guyanese economy, with more than 2,850 Guyanese now supporting the company’s project activities, the statement said. ExxonMobil and its key contractors have spent over US$480 million with more than 800 Guyanese vendors since 2015, it added.
Minister of Natural Resources, Vickram Bharrat in a statement yesterday on the latest discovery said that Guyana currently has the 3rd highest oil reserves in the Latin America and Caribbean Region.
He said that in transforming the hydrocarbons sector, the Ministry of Natural Resources and the Government of Guyana (GoG) remain committed to enhancing the exploration and development of Guyana’s oil and gas resources.
“Therefore, as Minister of Natural Resources with responsibility for Petrol-eum, I would like to once again remind all Guyanese and stakeholders that the oil and gas investments and activities will be undertaken in a manner that is keeping with international best practices for compliance and transparency within the petroleum sector. Additionally, the GoG is continually working through consultations to enhance local content with policies and legislation that will create a sustainable development pathway to ensure maximum economic benefits for all Guyanese”, he said.
Bharrat said that the Liza Unity Floating, Production, Storage and Off-loading (FPSO) platform is halfway on its journey to Guyana and it is expected to arrive offshore in mid-November 2021 with an anticipated startup of production in early 2022. The Liza Unity FPSO has a capacity of approximately 220,000 barrels of oil per day, which will add to the Liza Density FPSO which is currently producing approximately 120,000 barrels of oil per day, bringing Guyana to producing approximately 330,000 barrels of oil per day in 2022
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.
