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Discoveries by Exxon in Guyana Have Increased Oil Reserves

ExxonMobil Screen
Credit: Richard Drew/AP

Three new discoveries were made by Exxon Mobil Corp off the coast of Guyana. More than a 10 billion barrel increase in recoverable resources for Guyana’s Stabroek Block was made as well by the Texas-based company.

To date, ExxonMobil and partners Hess Corp and CNOOC Ltd have been responsible for all of Guyana’s oil and gas production.

Exxon claims to have found hydrocarbon-bearing sandstone at the wells Barreleye-1, Patwa-1, and Lukanani-1. The company has made five new finds in Guyana so far this year, located southeast of the Liza and Payara facilities.

More than 130,000 barrels of oil per day are being produced in Liza Phase 1 utilizing the Liza Destiny floating production storage and offloading (FPSO) vessel, Exxon has stated. As for Liza Phase 2, Liza Unity FPSO is helping it reach its capacity of 220,000 barrels of oil per day.

An additional 220,000 barrels per day is expected from Payara, the company’s third project. Production vessel Prosperity FPSO is expected to be operational by the end of the year in 2023 after a five-month delay in construction.

As of 2025, Exxon expects the ONE GUYANA FPSO to produce 250,000 barrels per day from its fourth project, Yellowtail project.

ExxonMobil plans to build up to ten oil production units in Guyana’s offshore oil fields.

Original source material for this article taken from here

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Written by Olivia Woods

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