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ExxonMobil makes oil discovery offshore Guyana

ExxonMobil

ExxonMobil, the American oil major, has made an oil discovery at Whiptail in the Stabroek Block; offshore Guyana. The company announced the discovery this Wednesday, highlighting that it is a significant new oil discovery and could form the basis for a future development in the Stabroek Block.

Firstly, the Whiptail discovery locates approximately 4 miles southeast of the Uaru-1 discovery; announced back in January 2020 and approximately 3 miles west of the Yellowtail field. The discovery will have a drilling depth of 1,795 meters beneath the water by the Stena DrillMAX.

Secondly, Whiptail-2 locates approximately 3 miles northeast of Whiptail-1 and has a drilling depth of 1,895 meters of water, near the Noble Don Taylor. According to the company’s statement, it envisions at least six projects online by 2027; and sees potential for up to 10 projects to develop its current recoverable resource base.

Thirdly, as for the potential of the discovery, Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said. “This discovery increases our confidence in the resource size and quality in the southeast area of the Stabroek Block; it also could form the basis for a future development as we continue to evaluate the best sequence of development opportunities within the block.”

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ExxonMobil pushing the Guyanese economy

Moreover, is the ones mentioned above are not the only projects of the company in the region; in fact, the Liza Destiny floating production storage and offloading (FPSO) vessel is currently producing about 120,000 barrels of oil per day.

In addition, the phase 2 of this project will come online in early 2022; while the FPSO vessel will sail from Singapore to Guyana in late August, 2021. The whole project has a production capacity of approximately 220,000 barrels of oil per day.

Furthermore, Yellowtail is yet another development project in the Stabroek Block offshore Guyana, by Exxon. Indeed, it has an anticipated startup date in 2025; after following necessary government approvals and a final investment decision. According to the statement, this project will develop the Yellowtail and Redtail fields; which are locate about 30 kilometers southeast of the Liza developments, with potentially adjacent resources.

Finally, all of these projects by Exxon keep pushing the Guyanese economy. More than 2,600 Guyanese are now supporting project activities on and offshore, which reflects an increase of more than 20 percent since the end of 2019.

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