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Another Oil Discovery in Guyana

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GUYANA – THERE has been another oil discovery in Guyana.

ExxonMobil has revealed that it has discovered oil at the Mako-1 well which is southeast of the Liza field.

This is the 15th discovery in the Stabroek Block.

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According to a release on Monday, ExxonMobil said this discovery “adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block.”

It stated that the Mako-1 encountered approximately 50 metres of a high-quality oil bearing sandstone reservoir. Mako-1, drilled in 5,315 feet (1,620 meters) of water, is located approximately six miles (10 kilometers) southeast of the Liza field, which began producing oil a few days ago.

Senior vice president of exploration and new ventures at ExxonMobil Mike Cousins said, “New discoveries in this world-class basin have the potential to support additional developments.

“Our proprietary full-wave seismic inversion technology continues to help us better define our discovered resource and move rapidly to the development phase.”

The release noted, “The Liza Phase 1 development achieved first oil on December 20, 2019 and will produce up to 120,000 barrels of oil per day utilising the Liza Destiny floating production storage and offloading vessel (FPSO).

“The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a production capacity of 220,000 barrels of oil per day, is under construction and expected to start production by mid-2022.

“Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220,000 barrels of oil per day.

“Drilling activities in Guyana continue with four drillships to further explore and appraise new resources as well as develop the resources within approved projects.

“The Stabroek Block is 6.6 million acres (26,800 square kilometres). ExxonMobil affiliate 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 Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.”

 

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