Stabroek block resources estimate increased to 5bn boe

ExxonMobil reports that it has made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek block to more than 5bn boe.

The resource estimate, up from the previous estimate of more than 4bn boe, is the result of further evaluation of previous discoveries and includes a new discovery at the Pluma-1 well.

Commenting on the news, Steve Greenlee, President of ExxonMobil Exploration Company, said: ‘Our ongoing work will evaluate development options in the south-eastern portion of the block, potentially combining Pluma with prior Turbot and Longtail discoveries into a major new development area.’

The Liza Phase 1 development on the block is expected to begin producing up to 120,000 b/d of oil by early 2020, utilising the
Liza Destiny floating storage, production and offloading vessel (FPSO). Liza Phase 2 is expected to start up by mid-2022. Pending government and regulatory approvals, Liza Phase 2 project sanction is expected in early 2019 and will use a second FPSO designed to produce up to 220,000 b/d. Sanctioning of a third development, Payara, is also expected in 2019 with start up as early as 2023.

ExxonMobil affiliate Esso Exploration and Production Guyana is the operator of the Stabroek block, holding a 45% interest, partnered by Hess Guyana (30%) and CNOOC Nexen Petroleum Guyana (25%).

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