ExxonMobil Discovers Oil Offshore Guyana at Mako-1 Well
December 23 2019 - 8:00AM
Business Wire
- Mako-1 well is located southeast of the Liza field on the
Stabroek Block, which began producing oil Dec. 20, 2019
- Discovery adds to current resource estimate of more than 6
billion barrels of oil equivalent
- Proprietary seismic inversion technology to define discovered
resources
ExxonMobil (NYSE:XOM) said today it made an oil discovery
offshore Guyana at the Mako-1 well southeast of the Liza field,
marking the 15th discovery on the Stabroek Block. The discovery
adds to the previously announced estimated recoverable resource of
more than 6 billion oil-equivalent barrels on the Stabroek
Block.
Mako-1 encountered approximately 164 feet (50 meters) of a
high-quality oil bearing sandstone reservoir. Mako-1, drilled in
5,315 feet (1,620 meters) of water, is located approximately six
miles (10 kilometers) southeast of the Liza field, which began
producing oil in December 2019.
“New discoveries in this world-class basin have the potential to
support additional developments,” said Mike Cousins, senior vice
president of exploration and new ventures at ExxonMobil. “Our
proprietary full-wave seismic inversion technology continues to
help us better define our discovered resource and move rapidly to
the development phase.”
The Liza Phase 1 development achieved first oil on Dec. 20, 2019
and will produce up to 120,000 barrels of oil per day utilizing the
Liza Destiny floating production storage and offloading vessel
(FPSO).
The Liza Unity FPSO, which will be employed for the second phase
of Liza development and will have a production capacity of 220,000
barrels of oil per day, is under construction and expected to start
production by mid-2022.
Pending government approvals and project sanctioning of a third
development, production from the Payara field north of the Liza
discoveries could start as early as 2023, reaching an estimated
220,000 barrels of oil per day.
Drilling activities in Guyana continue with four drillships to
further explore and appraise new resources as well as develop the
resources within approved projects.
The Stabroek Block is 6.6 million acres (26,800 square
kilometers). ExxonMobil affiliate Esso Exploration and Production
Guyana Limited is operator and holds 45 percent interest in the
Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent
interest and CNOOC Petroleum Guyana Limited, a wholly-owned
subsidiary of CNOOC Limited, holds 25 percent interest.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans,
schedules, capacities, production rates, and resource recoveries
could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments including obtaining
necessary regulatory permits; reservoir performance; the outcome of
future exploration and development efforts; technical or operating
factors; the outcome of commercial negotiations; unexpected
technological breakthroughs or challenges; and other factors cited
under the caption “Factors Affecting Future Results” on the
Investors page of our website at exxonmobil.com. References to
“recoverable resource,” “oil-equivalent barrels,” and similar terms
in this release include quantities that are not yet classified as
proved reserves under SEC rules but that are expected to be
ultimately recoverable.
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