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Exxon, Partners Hit 16th Discovery at Guyana Stabroek; 8.0 Billion BOE Potential

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   |    Monday,January 27,2020

ExxonMobil and its partners (Hess Corp. and CNOOC Ltd.) announced another oil discovery offshore Guyana at the Uaru well, the 16th discovery on the Stabroek Block.

The company also announced an increase in the estimated gross discovered recoverable resources for the block to more than 8 billion barrels of oil equivalent, up from the previous estimate of 6 billion barrels of oil equivalent.

Highlights:

• Stabroek Block recoverable resources increased by 2 billion barrels of oil equivalent

• Uaru is the 16th discovery on the block; will be incremental to new resources estimate

• Fifth drillship expected in 2020

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.

CEO John Hess said: "We are pleased to have another significant oil discovery on the Stabroek Block at Uaru. Previous discoveries on the block including recent high quality finds at Tripletail and Mako underpin a significant increase in estimated gross discovered recoverable resources for current and future developments. We also continue to see multibillion barrels of additional exploration potential remaining."

The Stabroek Block is 6.6 million acres. At least five FPSOs are expected to be producing more than 750,000 gross barrels of oil per day from the block by 2025.

Partners

ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block.

Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25%.