Exxon confirms second giant oil field offshore Guyana


25th July 2017

IRVING, Texas – Exxon Mobil Corp. has discovered additional oil in the Payara reservoir on the Stabroek block offshore Guyana.

Gross recoverable resources for the 6.6-million acre (26,800-sq km) Stabroek block are now estimated to be between 2.25 and 2.75 Bboe.

The Payara-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. (EEPGL) and encountered 59 ft (18 m) of high-quality, oil-bearing sandstone in the Payara field. The well increased the total Payara resource to about 500 MMboe.

It was safely drilled to 19,068 ft (5,812 m) in about 7,000 ft (2,135 m) of water. The well is 12 mi (20 km) northwest of the recently funded Liza Phase 1 project on the Stabroek block, which is about 130 mi (209 km) offshore Guyana.

Steve Greenlee, president of ExxonMobil Exploration Co., said: “Payara-2 confirms the second giant field discovered in Guyana.

“Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world-class oil developments and deliver substantial benefits to Guyana. We are committed to continue to evaluate the full potential of the Stabroek block.”

EEPGL is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Ltd. holds 25% interest.

07/25/2017