Apr 28, 2021 News
Kaieteur News – Stabroek Block operator, ExxonMobil, announced yesterday that it made an oil discovery at the Uaru-2 Well, pushing the finds in the offshore concession to 19. According to ExxonMobil, Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, currently estimated to be approximately nine billion oil-equivalent barrels.
The company noted that drilling at Uaru-2 encountered approximately 120 feet (36.7 meters) of high quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well was also drilled in 5,659 feet (1,725 meters) of water and is located approximately 6.8 miles (11 kilometers) south of the Uaru-1 well.
Following the announcement, Mike Cousins, Senior Vice President of Exploration and New Ventures at ExxonMobil said the Uaru-2 discovery enhances the company’s work to optimally sequence development opportunities in the Stabroek Block.
He added, “Progressing our industry-leading investments and well-executed exploration plans are vital in order to continue to develop Guyana’s offshore resources that unlock additional value for the people of Guyana and all stakeholders.”
Kaieteur News would have reported in January 2020 that Uaru-1 was the 16th discovery in the Stabroek Block. The well had encountered approximately 94 feet (29 meters) of high quality oil-bearing sandstone reservoir and was drilled in 6,342 feet (1,933 meters) of water.
ExxonMobil anticipates at least six projects online by 2027 and sees potential for up to 10 oil ships to develop its current recoverable resource balance.
As for the start-up of Liza Phase Two, this remains on target for 2022, as the Liza Unity FPSO prepares to sail from Singapore to Guyana later this year. The Unity’s Floating Production Storage and Offloading (FPSO) have a production capacity of 220,000 barrels of oil per day at peak rates.
With regard to the hull for the Prosperity FPSO vessel, which will operate at ExxonMobil’s third project at the Payara Field, the oil giant has since noted that it is complete and topsides construction activities have commenced in Singapore with a startup target of 2024. ExxonMobil said these new projects continue to drive investment in the Guyanese economy.
The 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 percent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds 25 percent interest.
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