Exxon Mobil Corp. and partner Hess Corp. reported two new discoveries offshore Guyana in the Stabroek Block on July 26, representing the sixth and seventh by the partnership this year.
Including the latest discoveries, Seabob and Kiru-Kiru, partners Exxon Mobil (operator, 45% working interest), Hess (30% working interest) and CNOOC (25% working interest) have made 28 major discoveries in the Stabroek Block offshore Guyana to date. The block has an estimated 11 billion equivalent oil barrels of gross recoverable resources and growing.
Resources found in the prolific Stabroek Block will support at least six FPSO units by 2027 with a gross combined production capacity of over 1 million bbl/day. There is potential for up to 10 FPSOs to develop the gross discovered recoverable resources, and “multibillion barrels of future exploration potential” remains, Hess CEO John Hess added in a press statement on July 26.
The Seabob-1 well found 131 ft (40 m) of “high-quality oil-bearing sandstone reservoirs,” Hess said. The well, located approximately 12 miles (19 km) southeast of the Yellowtail Field, was drilled in a water depth of 4,660 ft (1,421 m) using the Stena Carron drillship.
The Kiru-Kiru-1 well found 98 ft (30 m) of “high-quality hydrocarbon-bearing sandstone reservoirs,” the companies said. The well, located approximately 3 miles (5 km) southeast of the Cataback-1 discovery, was drilled in water depths of 5,760 ft (1,756 m) using the Stena DrillMAX. Drilling operations are ongoing at the well, Hess said.
Hess and its partners have already sanctioned four developments offshore Guyana in the Stabroek Block, which covers 6.6 million acres, and more developments are to come in the future. Production from the first two developments has already reached 360,000 bbl/day, Hess said.
The first development on the block, Liza Phase 1, commenced production in December 2019 and was ahead of schedule. The development recently achieved a new production capacity of over 140,000 gross bbl/day in the second quarter 2022 after production optimization work on the Liza Destiny FPSO.
The second development, Liza Phase 2, achieved first oil in February utilizing the Liza Unity FPSO. The development achieved its production capacity of 220,000 gross bbl/day earlier this month.
The third development, Payara, remains on track to commence initial production in late 2023 using the Prosperity FPSO, which will have a production capacity of 220,000 gross bbl/day.
The fourth development, Yellowtail, will be the partner’s largest development to date. It is expected to start producing in 2025, using the One Guyana FPSO, which will have a production capacity of 250,000 gross bbl/day. SBM Offshore recently completed the $1.75 billion project financing of FPSO One Guyana destined for the Yellowtail development.
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