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ExxonMobil discovers more oil off Guyana

SBM Offshore cut 600 jobs in the second half of 2020, while increasing its EBITDA by 13% and dividend payments by 10%.
The number of FPSO leases set to expire in 2022 is significantly higher than the yearly average.

ExxonMobil has announced a new discovery off Guyana, adding to previous estimates of 6billion barrels of recoverable oil equivalent.

The Mako-1 well is located southeast of the Liza field which has just started producing oil.

The well encountered approximately 50metres of “high-quality oil bearing sandstone reservoir” after being drilled in 1,620 metres of water.

Mako-1, six miles from Liza, marks the 15th discovery on the Stabroek block, Exxon said in a statement.

Senior vice president of exploration and new ventures Mike Cousins said: “New discoveries in this world-class basin have the potential to support additional developments.

“Our proprietary full-wave seismic inversion technology continues to help us better define our discovered resource and move rapidly to the development phase.”

It comes after first oil was achieved at the Liza field, marking the start of oil production in Guyana.

Liza Phase 1 will produce up to 120,000 barrels of oil per day utilizing the Liza Destiny floating production storage and offloading vessel (FPSO).

The Liza Unity FPSO, which will be employed for the second phase of Liza development and will have a production capacity of 220,000 barrels of oil per day, is under construction and expected to start production by mid-2022.

Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220,000 barrels of oil per day.

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 Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent.

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