ExxonMobil has announced that gross recoverable resource from the Stabroek Block offshore Guyana has been estimated to approximately 5.5 billion oil-equivalent barrels.
This increase in recoverable oil is reflective of the recent Tilapia-1 and Haimara-1 discoveries.
The U.S. oil giant is continuing exploration activities in the Stabroek Block. In fact, the Noble Tom Madden drillship will next drill the Yellowtail-1 well in the Turbot area; while the Stena Caren will next return to the Longtail discovery to complete a well test.
In addition, baseline 4-D seismic data acquisition is also underway.
According to ExxonMobil, there is potential for at least five floating, production storage and offloading vessels (FPSO) on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.
The Liza Phase 1 development is progressing on schedule and is expected to begin producing up to 120,000 barrels of oil per day in early 2020, utilising the Liza Destiny FPSO.
On the other hand, the Liza Phase 2 is awaiting to government and regulatory approvals to use a second FPSO designed to produce up to 220,000 barrels per day. Start-up is expected by mid-2022. Meanwhile, a third development, Payara, is being planned, with startup expected as early as 2023.