ExxonMobil Makes Two More Discoveries Offshore Guyana

Rhea-AI Summary

ExxonMobil has announced two new offshore discoveries in Guyana—Seabob and Kiru-Kiru—in the Stabroek block, marking the sixth and seventh discoveries of 2022. The Seabob-1 well found 131 feet of hydrocarbon-bearing sandstone, while the Kiru-Kiru-1 well yielded 98 feet. Both wells contribute to over 25 discoveries in the region. Notably, production from two FPSO vessels has surpassed the target of 340,000 barrels per day, with expectations of 220,000 barrels from the upcoming Payara project and 250,000 barrels from Yellowtail by 2025.

Positive

• Two new discoveries in Guyana, bringing total discoveries to over 25.
• Production from FPSO vessels exceeded initial target of 340,000 barrels per day.
• Payara project expected to produce 220,000 barrels per day, with construction ahead of schedule.
• Yellowtail project expected to produce 250,000 barrels per day by 2025.

Negative

• None.

• Seabob and Kiru-Kiru wells in Stabroek block are sixth and seventh discoveries in 2022
• Guyana investment strategy continues to yield positive results; additional exploration wells planned later this year
• Production from two vessels currently operating offshore has exceeded their initial combined target of 340,000 barrels per day

IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil has made two new discoveries offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block. The discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, with the total number of discoveries in Guyana at more than 25.

The Seabob-1 well encountered approximately 131 feet (40 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 meters) of water by the Stena Carron drill ship. The Kiru-Kiru-1 well encountered approximately 98 feet (30 meters) of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet (1,756 meters) of water. Drilling operations at Kiru-Kiru are ongoing.

“ExxonMobil and its partners continue to accelerate exploration, development and production activities for the benefit of all stakeholders, including the people of Guyana,” said Liam Mallon, president of ExxonMobil Upstream Company. “The resources we are investing in and discovering offshore Guyana will provide safe, secure energy for global markets for decades to come.”

The company’s 2022 investment plans include further exploration drilling and resource development in Guyana, where it is already increasing production at an accelerated, industry-leading pace. Two floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — have exceeded their initial combined production target of 340,000 barrels of oil per day.

A third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is 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

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

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; 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 are the recent discoveries made by ExxonMobil in Guyana?

ExxonMobil announced the Seabob and Kiru-Kiru discoveries in Guyana's Stabroek block, marking the sixth and seventh discoveries of 2022.

What is the expected oil production from the Payara project?

The Payara project is expected to produce approximately 220,000 barrels of oil per day.

How much oil are the current FPSO vessels producing in Guyana?

The current FPSO vessels, Liza Destiny and Liza Unity, have exceeded their combined target of 340,000 barrels per day.

When is the Yellowtail project expected to come online?

The Yellowtail project is expected to produce 250,000 barrels per day when it comes online in 2025.

How many discoveries has ExxonMobil made in the Stabroek block in 2022?

ExxonMobil has made a total of seven discoveries in the Stabroek block in 2022.