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The Noble Bob Douglas drill ship, operated by Noble Corporation for Exxon Mobil, in the Guyana maritime territory, June 30, 2018.
Photo: CHRISTOPHER GREGORY, STR / NYTThe Noble Bob Douglas drill ship, operated by Noble Corporation for Exxon Mobil, in the Guyana maritime territory, June 30, 2018.
The Noble Bob Douglas drill ship, operated by Noble Corporation for Exxon Mobil, in the Guyana maritime territory, June 30, 2018.
The Noble Bob Douglas drill ship, operated by Noble Corporation for Exxon Mobil, in the Guyana maritime territory, June 30, 2018.
Exxon Mobil said Monday it is hiking its estimated recoverable resources offshore of Guyana by another 2 million barrels as it continues to make new discoveries in 2020.
The Irving-based energy giant said its total recoverable resources offshore of the tiny South American nation are now more than 8 billion barrels of oil equivalent. And that's not even counting a 16th oil discovery Exxon Mobil made there at the new Uaru exploration well.
Exxon Mobil and its New York-based partner Hess Corp. commenced oil production from Guyana in late December from its Liza Destiny floating production vessel, officially turning the country into a legitimate player in the energy world.
The 1,115-foot vessel will lead production from 17 wells during the first phase of development and soon ramp up to producing 120,000 barrels per day.
Apart from maybe just the booming Permian Basin in West Texas and New Mexico, Guyana is seen as Exxon Mobil's biggest growth area with billions of dollars being pumped into the region.
Adjacent to oil-rich nations like Brazil and the economically struggling Venezuela, Guyana is a small, nascent energy nation that's starting its own oil boom. Companies such as Houston-based Apache Corp. and the French energy major Total have partnered in neighboring Suriname simply because of its proximity to Exxon's Guyana discoveries.
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The Guyana developments are in what's known as the potentially prolific Stabroek Block spanning 6.6 million acres offshore of Guyana.
With Exxon Mobil's planned Liza Unity vessel, the $6 billion second Liza phase is expected to come online in mid-2022. That larger project is expected to churn out 220,000 barrels of oil equivalent per day. A third phase, called Payara, is slated for 2023 with the same 220,000 barrels per day production estimate.
Exxon Mobil now expects to produce more than 750,000 barrels of oil a day offshore of Guyana by 2025. That's equal to nearly 20 percent of Exxon's global oil and gas production today.
Exxon has four drillships exploring offshore of Guyana continue to explore and appraise new resources as well as develop the resources within approved projects, and a fifth ship is expected to be deployed later this year.
Exxon owns a leading 45 percent stake in the project with Hess controlling 30 percent. The remaining 25 percent is owned by the China National Offshore Oil Corp., known as CNOOC.
https://www.chron.com/business/energy/article/Exxon-makes-new-Guyana-discovery-ups-recoverable-15007055.php
2020-01-27 14:13:00Z
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