To ExxonMobil Guyana President Allister Routledge, the country is at the “forefront of deepwater development” in the world and the U.S. oil major intends to help it keep that lead as it gears up for the fifth oil development in the Stabroek Block – Uaru-2.
The disclosure was made during his presentation on Wednesday at the International Energy Conference being held at the Guyana Marriot Hotel.
It was back in 2019 that ExxonMobil started production at the Liza Phase 1 development and just recently, production commenced at the second offshore oil development- Liza Phase 2.
The third development, Payara, Routledge said remains on track for a 2024 start up and with the company in the final stages of advancing plans for the Yellowtail development, he added that ExxonMobil Guyana looking at the “optimal sequence of development” to start works on the Uaru-2 development.
Routledge said, “as soon as we finish engaging the government on Yellowtail, we will begin talking about Uaru”.
Natural Resources Minister Vickram Bharrat announced just last week that GY$88 million has been approved in this year’s budget for a firm to review the Uaru FDP.
OilNOW had previously reported that Exxon discovered oil at Uaru-1 in January 2020. The well encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir and was drilled in 6,342 feet (1,933 meters) of water.
And then later in April 2021, the oil major announced another discovery at the Uaru-2 well. Drilling at Uaru-2 encountered approximately 120 feet (36.7 meters) of high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery.
The well was drilled in 5,659 feet (1,725 meters) of water and is located approximately 6.8 miles (11 kilometres) south of the Uaru-1 well.
Already, some $88 million has been set aside in the South American nation’s largest budget to date for a consultancy firm to review the field development plan for Uaru.
The Stabroek Block is 6.6 million acres (26,800 square kilometres). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEGPL) is the operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Limited. holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 per cent interest.
