More oil discovered offshore Guyana

Significant oil and gas discovery discovered off the coast of Guyana

ExxonMobil, announced yesterday a second oil discovery off the shores of Guyana.
Indicating that there were “positive results from its Payara-1 well”.

Payara is ExxonMobil’s second oil discovery on the Stabroek Block and was drilled in a new reservoir.
“This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, president of ExxonMobil Exploration Company. “We look forward to working with the Government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”

The well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd, and encountered more than 29 meters (95 feet) of high-quality, oil-bearing sandstone reservoirs. It was safely drilled to 5,511 meters (18,080 feet) in 2,030 meters (6,660 feet) of water.

In addition to the Payara discovery, appraisal drilling at Liza-3 has identified an additional high-quality, deeper reservoir directly below the Liza field, which is estimated to contain between 100-150 million oil-equivalent barrels. This additional resource is currently being evaluated for development in conjunction with the world-class Liza discovery.

“These latest exploration successes are examples of ExxonMobil’s technological capabilities in ultra-deep water environments, which will enable effective development of the resource for the benefit of the people of Guyana and our shareholders,” Greenlee added.

Drilling on Payara began on November 12 with initial total depth reached on December 2.

Two sidetracks have been drilled to rapidly evaluate the discovery, and a well test is underway to further evaluate the successful well results. The well data will be analysed in the coming months to better determine the full resource potential.
The Stabroek Block is (2.7 million hectares) 6.6 million acres. -(CMC)