ExxonMobil gunning for oil at Liza 5

0

ExxonMobil is set to begin another drilling foray this week in search of more oil off the coast of the South American country of Guyana.

The company’s affiliate – Esso Exploration and Production Guyana Ltd. will begin a 3-month drill campaign at the Liza 5 well site located some 108 nautical miles off the country’s coast on March 7. A notice in the Guyana press says the foray will be undertaken by a total of 5 vessels. These are the Stena Carron, M/V Cat Island, M/V Hanna Chouest, HOS Commander and the M/V Fast Titan.

This new campaign comes in wake of the company’s 7th oil discovery at the Pacora reservoir announced last week. The company plans to develop Pacora alongside Payara, which will see a 3rd development project by 2023. The first development is set for March of 2020 with the Liza Phase 1 project which is expected to be followed by Liza Phase 2 in 2022.

Liza Phase 1 and 2 will produce around 1 billion barrels of oil utilizing two FPSO vessels while the combined Payara-Pacora development would see one FPSO being utilized.

“The Liza field is a stand-alone field we’re developing in two phases because it’s that large. Phase 1 will develop about half the resources and Phase 2 will develop the other half; and that’s about a billion barrels,” Kimberly Brasington, ExxonMobil’s Senior Director, Public and Government Affairs, recently told OilNOW.

The total estimated gross recoverable resource for the block now stands at 3.2 billion barrels, excluding discoveries at the Ranger and Pacora reservoirs which have not yet been fully assessed.