ExxonMobil Makes Three New Discoveries Offshore Guyana, Increases Stabroek Resource Estimate to Nearly 11 Billion Barrels

Rhea-AI Summary

ExxonMobil announced three new offshore discoveries in Guyana, increasing recoverable resources in the Stabroek Block to nearly 11 billion oil-equivalent barrels. The Barreleye-1, Patwa-1, and Lukanani-1 wells added to a total of five discoveries in 2022. The company highlights ongoing operations at Barreleye-1 and Lukanani-1, with production projects in Guyana ramping up to significant outputs. The Liza Phase 2 project is currently producing 220,000 barrels per day, while the upcoming Payara project is set to start before year-end 2023, underscoring ExxonMobil's commitment to its exploration strategy.

Positive

• Increased recoverable resources in Stabroek Block to nearly 11 billion oil-equivalent barrels.
• Five total discoveries made offshore Guyana in 2022, supporting exploration strategy.
• Ongoing operations at Barreleye-1 and Lukanani-1 indicate continued exploration success.
• Production from Liza Phase 2 has reached 220,000 barrels per day, with Payara on track to start before year-end 2023.

Negative

• None.

• Discoveries at Barreleye-1, Patwa-1 and Lukanani-1 to inform future development plans in southeast portion of block
• Continued success in Stabroek Block validates company’s ambitious exploration strategy
• Brings total discoveries offshore Guyana in 2022 to five

IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil has made three new discoveries offshore Guyana and increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels.

The three discoveries are southeast of the Liza and Payara developments and bring to five the discoveries made by ExxonMobil in Guyana in 2022.

The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water. Drilling at Patwa-1 encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was conducted in 6,315 feet (1,925 meters) of water. The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled in a water depth of 4,068 feet (1,240 meters). Operations are ongoing at Barreleye-1 and Lukanani-1.

“These discoveries and the updated resource estimate increase the confidence we have in our ambitious exploration strategy for the Stabroek Block and will help to inform our future development plans for the southeast part of the block,” said Liam Mallon, president of ExxonMobil Upstream Company. “ExxonMobil remains committed to delivering value at an accelerated pace to the people of Guyana, our partners and shareholders and reliably supplying affordable energy to meet increasing demand around the world.”

ExxonMobil currently has four sanctioned projects offshore Guyana. Liza Phase 1 is producing approximately 130,000 barrels per day using the Liza Destiny floating production storage and offloading (FPSO) vessel. Liza Phase 2, which started production in February, is steadily ramping up to its capacity of 220,000 barrels per day using the Liza Unity FPSO. The third project, Payara, is expected to produce 220,000 barrels per day; construction on its production vessel, the Prosperity FPSO, is running approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.

Guyana’s Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest in the Block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.

About ExxonMobil

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The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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Cautionary Statement

Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, capacities, production rates, and resource recoveries could differ materially due to: changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; reservoir performance; the outcome of future exploration efforts; timely completion of development and construction projects; technical or operating factors; the outcome of commercial negotiations; unexpected technological breakthroughs or challenges; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K. References to “recoverable resources,” “oil-equivalent barrels,” and other quantifies of oil and gas include estimated quantities that are not yet classified as proved reserves under SEC definitions but are expected to be ultimately recoverable. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

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Source: Exxon Mobil Corporation

FAQ

What new discoveries did ExxonMobil announce in Guyana?

ExxonMobil announced three new offshore discoveries in Guyana: Barreleye-1, Patwa-1, and Lukanani-1.

What is the estimated recoverable resource in the Stabroek Block?

The estimated recoverable resource in the Stabroek Block is nearly 11 billion oil-equivalent barrels.

How many total discoveries has ExxonMobil made in 2022?

ExxonMobil has made a total of five discoveries offshore Guyana in 2022.

What is the current production level of ExxonMobil's Liza Phase 2 project?

Liza Phase 2 is currently producing approximately 220,000 barrels per day.

When is the Payara project expected to start production?

The Payara project is expected to start production before year-end 2023.