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ExxonMobil makes new discovery in Stabroek Block offshore Guyana

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ExxonMobil said today it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion BOE. Drilling at Uaru-2 encountered approximately 120 ft (36.7 m) of high quality oil bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well was drilled in 5,659 ft (1,725 m) of water and is located approximately 6.8 mi (11 km) south of the Uaru-1 well.

“The Uaru-2 discovery enhances our work to optimally sequence development opportunities in the Stabroek Block,” said Mike Cousins, Senior VP of Exploration and New Ventures at ExxonMobil. “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.”

In January 2020, ExxonMobil announced that Uaru-1 was the 16th discovery in the Stabroek Block. The well 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.

In March 2021, ExxonMobil secured a sixth drillship, Noble Corp‘s Noble Sam Croft, for exploration and evaluation drilling activities offshore Guyana. A fourth project, Yellowtail, has been identified within the block with anticipated start up in late 2025 pending government approvals and project sanctioning. This project will develop the Yellowtail and Redtail fields, which are located about 19 miles (30 kilometers) southeast of the Liza developments.

ExxonMobil anticipates at least six projects online by 2027 and sees potential for up to 10 FPSOs to develop its current recoverable resource balance.

The start-up of Liza Phase 2 remains on target for 2022, as the Liza Unity FPSO prepares for sail away from Singapore to Guyana later this year. The Unity FPSO has a production capacity of 220,000 bbl/day of oil at peak rates. The hull for the Prosperity FPSO vessel, the third project at the Payara Field, is complete, and topsides construction activities have commenced in Singapore with a startup target of 2024.

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