The ExxonMobil-operated Stabroek Block offshore Guyana is estimated to hold 11.6 billion barrels of oil equivalent resources. Minister of Natural Resources, Vickram Bharrat, shared the updated figure during an August 14 press conference in Georgetown.
It represents the first change from the estimate of 11 billion barrels which Exxon had provided two years ago. Several discoveries have been made since then.
Exxon periodically provides the government with information, including its own estimate of the resource count, as required by its permits. However, the government said it is now looking to get an independent estimate.
“A French company has been awarded the contract to do our reservoir audit. It’s something that we should have done a long time now, but I’m happy that we’re going to start this soon,” Bharrat told reporters.
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He said 11.6 billion barrels is a figure provided by Exxon, and that it is time for the government to verify.
ExxonMobil has announced more than 30 discoveries in the Stabroek Block since 2015. Some experts have estimated it holds 20 billion barrels.
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Exxon is the operator (45%) of the block with co-venturers Hess (30%) and CNOOC (25%).
