Exxon waiting on “material improvement” before revising Stabroek Block resource count

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ExxonMobil has been quickly racking up discoveries in Guyana’s offshore Stabroek Block with nine alone in 2022. Yet, no revision has been made to the resource count.

At present, Exxon said it has discovered close to 11 billion oil equivalent barrels. This was the estimate given when it announced the Barreleye, Patwa and Lukanani discoveries back in April 2022.

Hess Corporation’s Chief Executive Officer (CEO) John Hess had said that a “major upgrade” to the resource count will be made, during his November 2022 participation at the Bank of America Securities Global Energy Conference.

That augmentation, he noted, would follow the completion of appraisals from the nine 2022 discoveries.

Exxon made its first significant discovery for the year at the Fangtooth SE-1 well in January.

But when its CEO, Darren Woods was asked by investors when a revision could be expected, he said “I think as the team continues to drill, quantify and characterise the results of the drills…when it gets to material improvement, we will talk about that.”

There is speculation about where Guyana’s resource count now stands.

S&P Global estimates that over 15 billion oil-equivalent barrels with more than 92% found in fields greater than 200 million oil-equivalent barrels.

Westwood Global Energy Group also estimated that all nine discoveries made by ExxonMobil last year were high-impact, each amounting to more than 100 million barrels of oil equivalent.


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