US firm ExxonMobil has increased its Guyana recoverable resource base estimate to more than eight billion barrels of oil equivalent (Bboe).

Its new estimate of the recoverable oil resources includes 15 discoveries at Stabroek until the end of 2019.

The company has also announced a new discovery on the offshore deepwater Stabroek block. It is the first find of this year.

Uaru-1 is the sixteenth discovery at the Stabroek block for the ExxonMobil-led consortium. ExxonMobil affiliate Esso Exploration and Production Guyana operate the 26,800km² Stabroek Block with a 45% interest.

Hess Guyana Exploration holds a 30% interest and CNOOC Petroleum Guyana, a wholly owned subsidiary of CNOOC, owns the remaining 25%.

Uaru, drilled in 6,342ft of water, encountered approximately 94ft of high-quality, oil-bearing sandstone reservoir. It is located around 10 miles north-east of the Liza field.

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By GlobalData

The consortium will add it to the total estimate at a later date.

ExxonMobil exploration and new ventures senior vice-president Mike Cousins said: “With recent high-quality finds at Tripletail and Mako contributing to our recoverable resources, our investments will continue to provide benefits for the people of Guyana.

“The Uaru discovery is another positive step as we begin a new decade with the Co-operative Republic of Guyana and our co-venturers.”

Liza field production is ramping up to produce 120,000bpd in the coming months, using the Liza Destiny floating production, storage and offloading (FPSO) vessel. The field started oil production last month.

The second phase of Liza development will use Liza Unity FPSO, with a production capacity of 220,000bpd of oil. ExxonMobil expects production in this phase to begin in mid-2022.

Payara, which is the third development located north of the Liza discoveries, is scheduled for a 2023 start-up. Its capacity is expected to reach 220,000bpd.

Four drillships continue to explore and discover new resources and develop the projects in Guyana. A fifth drillship is targeted for deployment later this year.