What was once thought to be a grand find in oil reserves immediately off Guyana’s shores has become even greater as the news of a second oil discovery rolls in from ExxonMobil.
It was just yesterday that ExxonMobil officially declared “positive results” from its Payara-1 well offshore Guyana. Payara is ExxonMobil’s second oil discovery on the Stabroek Block and was drilled in a new reservoir.
The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery.
According to the Texas-based company, the well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, and encountered more than 95 feet (29 meters) of “high-quality, oil-bearing sandstone reservoirs. It was safely drilled to 18,080 feet (5,512 meters) in 6,660 feet (2,030 meters) of water. The Payara field discovery is about 10 miles (16 km) northwest of the 2015 Liza discovery.”
In addition to the Payara discovery, appraisal drilling at Liza-3 has identified an additional high quality, deeper reservoir directly below the Liza field, which is estimated to contain between 100-150 million oil equivalent barrels. This additional resource is currently being evaluated for development in conjunction with the world-class Liza discovery.
Drilling on Payara began on November 12 with an initial total depth reached on December 2.
Two sidetracks have been drilled to rapidly evaluate the discovery, and a well test is underway to further evaluate the successful well results thus far. The well data is set to be analyzed in the coming months to better determine the full resource potential.”
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
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.
Guyana received news of its first major oil find in May 2015 from the Exxon-Mobil. The discovery is being viewed as a major game-changer for Guyana and one that will change the country’s fortunes. Training, legislations and consultations have been ongoing to ready Guyana for oil production with approval already granted to build an on-shore facility.
