ExxonMobil increases estimate Stabroek block 4 bn barrels

ExxonMobil increases estimate for Stabroek block to 4 bn barrels

5:03 AM, 24th July 2018
ExxonMobil logo

IRVING, US: ExxonMobil has increased its estimate of the discovered recoverable resources for the Stabroek Block offshore Guyana. To more than 4 billion oil-equivalent barrels and has advanced its evaluation to support a third phase of development and consideration of two additional phases.

The increase follows completion of testing at the Liza-5 appraisal well, a discovery at Ranger, incorporation of the eighth discovery, Longtail, into the Turbot area evaluation and completion of the Pacora discovery evaluation. The previous recoverable resource estimate was 3.2 billion oil-equivalent barrels.

Guyana’s first development, Liza Phase 1, will use a floating production, storage and offloading (FPSO) vessel to produce 120,000 barrels of oil per day, starting by early 2020. Liza Phase 2, which is targeted for sanctioning by the end of this year, will use an FPSO vessel designed to produce up to 220,000 barrels of oil per day and is expected to be producing by mid-2022.

The Liza-5 well successfully tested the northern portion of the Liza field and, along with the giant Payara field, will support a third phase of development in Guyana. The Payara development will target sanctioning in 2019 and will use an FPSO vessel designed to produce approximately 180,000 barrels of oil per day, as early as 2023.

The Longtail well established the Turbot-Longtail area as a potential development hub for recovery of more than 500 million oil-equivalent barrels. Additional prospects to be drilled in this area could increase this estimate.

The collective discoveries on the Stabroek Block to date have established the potential for up to five FPSOs producing over 750,000 barrels per day by 2025. There is potential for additional production from significant undrilled targets and plans for rapid exploration and appraisal drilling, including at the Ranger discovery.

The Stabroek Block is 6.6 million acres (26,800 square kilometres). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

“Outstanding resource quality across these opportunities combined with industry-leading project execution capabilities will provide great value to resource owners, partners and our shareholders,” said Neil Chapman, senior vice president, ExxonMobil Corporation.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


ADM to acquire vanilla premium originator, Rodelle

CHICAGO, US: Archer Daniels Midland Company (ADM) has reached an agreement to acquire Rodelle Inc, a premium originator, processor and supplier of van ...

Read more
Praxair to supply oxygen for US Methanol’s West Virginia facility

DANBURY, US: Praxair Inc (PX) has signed a long-term agreement to supply oxygen to US Methanol LLC’s new facility in Institute, West Virginia. T ...

Read more
DB Schenker to setup logistics centre in Pinghu, China

ESSEN, GERMANY: DB Schenker has signed a memorandum of understanding (MoU) with the Eastern China city of Pinghu for the establishment of a state-of-t ...

Read more
Honeywell’s new non-flammable refrigerant with low global warming potential

MORRIS PLAINS, US: Honeywell (HON) unveiled Solstice N41 (provisional R-466A), a non-flammable and lower global-warming-potential (GWP) refrigera ...

Read more
Platform Specialty to sell Arysta, renames as Element Solutions

WEST PALM BEACH, US: Platform Specialty Products Corporation (PAH) has signed a definitive agreement to sell its agricultural solutions business, to U ...

Read more
Lanxess India appoints new MD, Neelanjan Banerjee

THANE, INDIA: Lanxess has appointed Neelanjan Banerjee (45 yrs) as the new country representative and managing director for India, effective 1 Septemb ...

Read more