In a statement that has been quickly gaining national and even international attention, Exxonmobil and its partners in a press statement has announced another giant oil discovery.
The oil find on this occasion is in the Payara field. Payara field is 12 miles from Liza field.
In its statemen,t Exxonmobil noted that the find increases Payara’s resources to approximately 500 million oil equivalent barrels.
The Payara field is located in the 6.6M acre Stabroek Block which Exxon and its partners, Hess Corporation and CNOOC Nexen, has exploration and production licences for. The Stabroek Block is located offshore Guyana.
The Payara find makes it the second giant discovery since the 2015 find in the Liza field. Exxon’s president, Steve Greenlee, said these discoveries along with satellite discoveries at Snoek and Liza Deep “provides the foundation for world class oil developments” in Guyana.
After Exxonmobil drilled a well 19,068ft in 7,000ft of water it encountered 59ft of high quality oil bearing sandstone. These results increase the Stabroek Block gross resources between 2.25 billion to 75 billion oil equivalent barrel.
“We are committed to continue to evaluate the full potential of the Stabroek Block”, Greenlee was quoted as saying in the statement.