New oil discovery in Guyana days after production begins

ExxonMobil today said it made another discovery of oil in Guyana following its commencement of production in the country last week.

Oil production began on December 20 in Guyana.

The find was made offshore at the Mako-1 well southeast of the Liza field and marks the 15th discovery on the Stabroek Block, said ExxonMobil which said this adds to the already estimated six billion barrels which can be retrieved from the area.

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.”

Up to 120,000 barrels of oil per day will be produced in Guyana within a few months.

Oil production began last Friday in the Liza Phase 1 development and will see up to 120,000 barrels of oil being produced daily within a few months with the first cargo to be sold in the coming weeks..

Chairman and chief executive officer of Exxon Mobil Corporation, Darren Woods, said “This historic milestone to start oil production safely and on schedule demonstrates ExxonMobil’s commitment to quality and leadership in project execution.”

The Noble Tom Madden drillship drilled discovery wells offshore Guyana in the Stabroek Block. (Photo: Hart Energy)

Roughly 1,700 of ExxonMobil’s employees and support staff, more than half the project’s workforce, in Guyana are from the country.

ExxonMobil and its direct contractors have spent approximately US$180 million in the country since 2015 when oil was first discovered.

ExxonMobil is the largest publicly traded international energy company and one of the largest refiners and marketers of petroleum products in the world.