Additional significant oil discovery off Guyana

ExxonMobil Corporation said Tuesday it has discovered additional oil in the Payara reservoir offshore Guyana.

This increases the total Payara discovery to approximately 500 million oil-equivalent barrels, the company said.

These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels and 2.75 billion oil-equivalent barrels.
The well was successfully drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited and encountered 18 meters (59 feet) of high-quality, oil-bearing sandstone in the Payara field.

It was safely drilled to 5,812 meters (19,068 feet) in approximately 2,135 meters (7,000 feet) of water. The well is only 20 kilometers (12 miles) northwest of the recently funded Liza phase 1 project on the Stabroek Block, which is approximately 209 kilometers (130 miles) offshore Guyana.

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

The Stabroek Block is 26,800 square kilometers (6.6 million acres). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.