Resource from 3 wells to be added to 5.5 billion estimate at Stabroek Block

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ExxonMobil said that the last three discoveries in the Stabroek Block offshore Guyana – Haimara, Tilapia and Yellowtail – will add to the 5.5 billion barrels of oil equivalent resource estimation determined following the tenth discovery.

Jack Williams, Senior Vice President of ExxonMobil Corporation made this disclosure while answering questions during a Q1 2019 earnings call on Friday, April 26. With him was Neil Hanson, Vice President and Secretary.

“Last week, we announced a new discovery in the Yellowtail-1 well which as Neil said it was our 13th discovery on the Stabroek Block. And you can see in the map on the left that this discovery is in the Turbot area which is going to be a large development, similar to Liza,” said Williams.

“This well along with Haimara and Tilapia discoveries [is] going to add to the 5.5 billion oil equivalent barrels recoverable resource estimate that we announced earlier this year at our Investor Day,” he stated.

Williams said that development drilling at 17 wells for producing the first phase of Liza “is progressing well and should be completed in the third quarter.” He noted that the other drill ships will continue drilling exploration and appraisal wells including further drilling on the Hammerhead and Ranger discoveries.

Williams pointed out that the company is learning more as it appraise what has been found so far and he believes that the resource estimation could rise. “… every single time we are penetrating [a] reservoir, we are getting more opportunities to tune up our seismic data and improve our sub-service understanding. So we are learning significant amounts kind of day-by-day in Guyana.”

He continued: “I think I would just say that, again, the 5.5 billion oil equivalent barrels recoverable resource estimate did not include these last three discoveries. So I would say, it’s safe to say there is a good bit of upside to that number.”