ExxonMobil Ups Guyana Recoverable Resources to More Than 8 Billion Oil-Equivalent Barrels, Makes Discovery at Uaru
- Stabroek Block recoverable resources increased by 2 billion oil-equivalent barrels
- Uaru well is 16th discovery, will be incremental to the new resource estimate
- Fifth drillship expected in 2020
The new recoverable resource estimate includes 15 discoveries offshore
“With recent high-quality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana,” said
Uaru encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet (1,933 meters) of water, is located approximately 10 miles (16 kilometers) northeast of the Liza field, which began producing oil in
Production from the Liza Phase 1 development is currently ramping up and will produce up to 120,000 barrels of oil per day in the coming months, utilizing the Liza Destiny floating production storage and offloading vessel (FPSO).
The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a production capacity of 220,000 barrels of oil per day, is under construction and expected to start production by mid-2022.
Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220,000 barrels of oil per day.
Four drillships in
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
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 and development efforts; 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. References to “recoverable resource,” “oil-equivalent barrels,” and similar terms in this release include quantities that are not yet classified as proved reserves under
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