ExxonMobil Guyana announced moments ago that it has increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels.
The updated resource estimate includes a new discovery at the Cataback-1 well, which brings the total significant discoveries to more than 20 within the Stabroek Block.
The oil explorer noted that the Cataback-1 well encountered 243 feet (74 meters) of net pay in high quality hydrocarbon-bearing sandstone reservoirs. It is located approximately 3.7 miles (6 kilometers) east of Turbot-1 and was drilled in 5,928 feet (1,807 meters) of water by the Noble Tom Madden.
President of ExxonMobil Guyana, Alistair Routledge said this morning that the recent discoveries and ongoing projects continue to contribute to the advancement of the Guyanese economy. Routledge said, “For us, it is very important that the people of Guyana feel the benefit of not just the revenues that are generated from the natural resource but also from the investment activities, the development activities, the work that’s needed to produce the oil and gas. And so, again, you look back and you see we’ve made remarkable progress since 2015.”
Since the first discovery at the Liza well, Routledge disclosed that more than US $500 million has been spent with local companies and more than 800 local companies are involved in the supply chain for business. He said these are significant milestones in a very short space of time when one considers the scale of the industry and what it takes to move forward.
With the arrival of Unity FPSO later this year and its start up in the first half of 2022, ExxonMobil Guyana expects to increase the current production capacity within the Stabroek block, realizing even greater benefits for Guyana.
“What that means of course is that we will almost be tripling the revenue stream to government, which will have more funds to invest whether it is in education, infrastructure, and other projects for the benefit of all the people in Guyana,” Routledge added.
He highlighted the gas-to-energy project as another avenue for significant benefit including the availability of hundreds of jobs during the construction phase. “We anticipate that we’ll get to the point of full funding of that project next year in 2022, at that point then we would expect that there will be the beginning of early work in Region 3—from the point of the landing location of the pipeline, making sure that the route for the pipeline is prepared to several works in the area of the Wales estate preparing for the power plant, which is another part of the scope,” he added.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the 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.
