US-based oil major ExxonMobil is building on its previous successes with the Stabroek Block offshore of Gyana by continuing to explore.
ExxonMobil Guyana Limited operates the block with a 45% interest, with CNOOC and Hess holding interests of 25% and 30%, respectively. Over 11 billion barrels of recoverable hydrocarbon resources have already been discovered there. What is more, some fields are already producing, or will be in the foreseeable future.
Some 650 barrels per day (bpd) are currently being produced at Liza Destiny, Liza Unity and Prosperity, all with floating production storage and offloading (FPSO) vessels. Output should reach 810,000 bpd in 2027 when the Yellowtail project starts production.
Exxon, which also makes the Mobil SHC gear oil range, also intends to introduce a further five FPSOs by the end of this decade.
In addition to drilling 30 development wells to support projects in blocks like Whiptail, Uaru and Yellowtail, Exxon is evaluating two exploration wells. After drilling the Barreleye-2 well, the Stena Carron began drilling the Hamlet-1 well on June 15. This lies about 120 miles offshore of Guyana and could potentially unlock further resources. The Stena Carron is also evaluating the Lukanani-2 well.
The Exxon-led consortium is currently the only operator in Guyana’s waters. The country held a competitive auction for other offshore blocks, but its vice president announced a delay to finalising any deals. Negotiations with auction winners and the signing of license agreements will now not happen until after general elections are held in Guyana on September 1.
