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January 6, 2022

ExxonMobil makes additional oil discoveries offshore Guyana

The new discoveries will add to the previous resources of the Stabroek block.

ExxonMobil has made two oil additional discoveries in the Stabroek block, offshore Guyana, by drilling the Fangtooth-1 and Lau Lau-1 wells.

Drilled using the Stena DrillMAX drillship in 1,838m of water, the Fangtooth-1 well intersected nearly 50m of high-quality oil-bearing sandstone reservoirs.

The well is located approximately 18km northwest of the Liza field.

The Lau Lau-1 well also encountered 96m of high-quality hydrocarbon-bearing sandstone reservoirs.

Situated 68km southeast of the Liza field, the Lau Lau-1 well was drilled in 1,461m of water depth using the Noble Don Taylor rig.

ExxonMobil exploration and new ventures senior vice-president Mike Cousins said: “Initial results from the Fangtooth and Lau Lau wells are a positive sign for Guyana, and continue to demonstrate the potential for the country’s growing oil and gas sector, ExxonMobil and our co-venturers in the Stabroek block.

“The Fangtooth discovery is a successful result of our strategy to test deeper prospectivity, and the Lau Lau discovery adds to the large inventory of development opportunities in the southeast part of the Stabroek block.

“Both discoveries increase our understanding of the resource, our continued confidence in the block’s exploration potential, and our view that the many discoveries to date could result in up to ten development projects.”

ExxonMobil said that the two new discoveries will add to the Stabroek block’s previous recoverable resource estimate of 10 billion barrels of oil equivalent.

ExxonMobil, through its affiliate Esso Exploration and Production Guyana, operates the Stabroek block with a 45% stake.

The other partners include Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).

ExxonMobil stated that the Liza Unity floating production storage and offloading (FPSO) vessel is due to start production in Q1 2022.

In a separate announcement, the Iraqi national oil company received approval from the government to acquire a stake in the West Qurna 1 oilfield from ExxonMobil.

Other stakeholders in the project include Japan’s Itochu (19.6%), Chinese state-controlled PetroChina (32.7%), Indonesia’s Pertamina (10%), and Iraq’s Oil Exploration Co. (5%).

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