Encouraged by positive results from several drill campaigns offshore Guyana which saw the largest discovery being made for 2015, ExxonMobil has vowed to continue its search for more oil in the South American country.
The Liza 1 discovery, estimated to be between 800 million and 1.4 billion barrels of recoverable oil, was the start of an extremely fruitful campaign that resulted in several additional finds at the Liza field, as well as discoveries at Payara and Snoek. Gross recoverable resources for the Stabroek block are now estimated to be between 2 billion and 2.5 billion oil-equivalent barrels.
With the Liza Phase 1 development project set to move into production phase by mid-2020, ExxonMobil’s Upstream Operations Manager in Guyana, Doug Mc Gehee says the search in this new frontier has only just begun.
“This is a fantastic project. First oil in the country…it is world-class, world-class reservoir, world-class oil. We’re excited. We’re gonna do everything we can and our partners can, to make sure we bring first oil in 2020, and we’re gonna keep looking for more oil…we’re gonna continue to look, that’s what we are here to do,” he said.
Mc Gehee was at the time speaking at the launch of the Georgetown Chamber of Commerce and Industry’s Business Guyana magazine in July.
Even as preparation is ongoing for first oil, ExxonMobil continues exploration activities offshore. The company confirmed on August 11 that a new campaign was set to begin at the Turbot-1 well located 107 nautical miles off the Guyana coast.
The company is also currently undertaking a 3D/4D seismic survey 86 nautical miles offshore within the Stabroek Block, over an area of 2,215 square kilometers.
OilNOW understands a Liza Phase 2 development project could start as early as 2023 which would see the acquisition of a second, possibly larger Floating Production Storage and Offloading (FPSO) vessel. SBM Offshore is currently contracted by ExxonMobil to install, lease and operate the FPSO for the Liza Phase 1 development.
ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds a 45 percent interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30 percent interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25 percent interest.