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

ExxonMobil ups recoverable resources in Guyana to more than eight billion barrels

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

ExxonMobil increased its estimated recoverable resource base in Guyana to more than eight billion oil-equivalent barrels today.

ExxonMobil increased its recoverable resource base to eight billion barrels.

The revision accompanied its announcement of a 16th oil discovery in the northeast of the producing Liza field at the Uaru exploration well.

According to ExxonMobil’s senior vice president of exploration and new ventures, Mike Cousins, “With recent high-quality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana,” continuing that “The Uaru discovery is another positive step as we begin a new decade with the Co-operative Republic of Guyana and our co-venturers.”

“…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…”

– ExxonMobil

The new estimate, which increases the previous appraisal by two billion barrels, includes all 15 discoveries offshore Guyana through year-end 2019.

Guyana lifted its first shipment of crude oil a week ago, following the start of production on December 20, 2019.

Production in the Liza Phase 1 development is increasing, said ExxonMobil, and will see some 120,000 barrels of oil generated per day in the coming months, utilising the Liza Destiny floating production storage and offloading vessel (FPSO).

Guyana began oil production on December 20, 2019.

Additionally, the company said four drillships in Guyana will continue to “explore and appraise new resources as well as develop the resources within approved projects”, with another expected to be deployed later this year.

“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,” ExxonMobil said.

The Yannis oil tanker lifted Guyana’s first shipment of oil last week.

ExxonMobil affiliate Esso Exploration and Production Guyana Limited hold 45 per cent interest in the Stabroek Block while Hess Guyana Exploration Limited, holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 per cent interest.

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