ExxonMobil strikes oil in Guyana

Super-major ExxonMobil said on Tuesday that it had discovered oil in the Payara-2 well drilled in Guyana’s offshore Stabroek block.

The well encountered about 18 metres of oil deposits, raising the estimated reserves of the Payara prospect first announced in January to about 500 million boe. The new discovery has raised overall recoverable resource estimates for the Stabroek block to 2.25 billion-2.75 billion boe.

“Payara-2 confirms the second giant field discovered in Guyana,” Steve Greenlee, president of ExxonMobil Exploration Company, said in a statement.

Stabroek also contains the massive Liza field, which was discovered in May 2015. ExxonMobil announced last month that it had made its final investment decision for phase one of Liza’s development.

“Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world-class oil developments and deliver substantial benefits to Guyana. We are committed to continue to evaluate the full potential of the Stabroek block,” Greenlee said.