Exxon Mobil announces new discoveries on the Guyana shelf
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ExxonMobil has drilled two new exploratory wells on the Stabroek Block on the Guyana shelf – Pinktail and Turbot-2 – located 35 km and 60 km to the southeast of the Liza-1 project, where production started in December 2019.

As a result, the Stabroek block’s reserves increased by 9 billion barrels of oil equivalent, the company said.

    “Our exploration successes continue to increase the discovered resource and will generate value for both the Guyanese people and our shareholders,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. 

    Production on the second section of the block, Liza-2, is due to start in 2022 – to be carried out by the floating production storage and offloading (FPSO) vessel Liza Unity, with a capacity of 220,000 barrels per day.

    The vessel is to set sail from Singapore in September and head for Guyana, Exxon Mobil said. The company plans by 2027 to have six FPSO vessels involved in production on the Stabroek Block, including the vessel Liza Destiny, which has been working on Liza-1 since 2019. Over the longer term, up to 10 vessels could be used in production.

    ExxonMobil holds a 45% stake in the Stabroek block and is involved in production alongside U.S. company Hess (30 %) and China’s CNOOC (25 %).

    Guyana, on the northeast coast of South America, will soon be among the five world leaders in terms of the growth rate in oil production among countries outside OPEC. By 2026, oil production in Guyana is to increase by 600,000 bpd compared to 2021 levels, according to forecasts by the International Energy Agency (IEA).

    Over the same period, growth in the United States will stand at 1.6 million bpd, while the figure for Brazil will be 1.2 million bpd and both Canada and Russia will record increases of 700,00 bpd.     Production with FPSO vessels is the second most popular production method of offshore/upstream projects according to Global Data. In world-wide terms, over the period from 2021 to 2025, they will be involved in 26 projects. The system of underwater production and estuary platforms account for 54 and 14 projects respectively.

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