ExxonMobil Strikes Oil Again in Guyana's Stabroek Block

ExxonMobil has made yet another oil discovery in Guyana's prolific Stabroek offshore block.

The news of the new offshore oil discovery in Guyana was shared by Hess Corp., ExxonMobil's partner in the block, where around 11 billion barrels of oil have been discovered in recent years. 

According to Hess, a partner alongside China's CNOOC in the Exxon-operated block, the latest offshore oil discovery in the Stabroek block was made at the Lancetfish-1 well.

"The Lancetfish-1 well encountered approximately 92 feet of oil bearing sandstone reservoir. The well was drilled in 5,843 feet of water by the Noble Don Taylor and is located approximately 4 miles southeast of the Fangtooth discovery," Hess said.

Hess also said that the Kokwari-1 exploration well, which was drilled during the quarter, did not encounter commercial quantities of hydrocarbons.

FPSO Bonanza in Guyana

Two FPSOs are currently producing oil at the Stabroek Block, the Liza Destiny and the Liza Unity.

According to Hess which owns a 30% stake in the block, production from the two FPSOs, net to Hess, totaled 112,000 bopd in the first quarter of 2023 compared with 30,000 bopd in the prior-year quarter. 

The Liza Unity FPSO, which started production in February 2022, reached its production capacity of approximately 220,000 gross bopd in July 2022. 

"In the first quarter of 2023, we sold nine cargos of crude oil from Guyana compared with two cargos in the prior year quarter," Hess said.

The third development in the Stabroek Block, Payara, which will utilize the Prosperity FPSO with a production capacity of approximately 220,000 gross bopd, is targeted for start-up early in the fourth quarter of 2023. 

The Prosperity FPSO arrived at the Stabroek Block on April 11 and hook-up and commissioning activities have started.

The fourth development, Yellowtail, was sanctioned in April 2022 and will utilize the ONE GUYANA FPSO with a production capacity of approximately 250,000 gross bopd, with first production expected in 2025. 

"Government and regulatory approvals are expected very soon for a fifth development, Uaru, with a production capacity of approximately 250,000 gross bopd," Hess said.

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