Exxon Guyana Block Resource Estimate Rises To 10B Barrels

Supermajor ExxonMobil has increased its estimate of the discovered recoverable resource for the Stabroek Block off Guyana to around 10 billion oil-equivalent barrels after striking oil there one more time.

ExxonMobil said on Thursday that the updated resource estimate included a new discovery at the Cataback-1 well, which brings the total significant discoveries to 21 within the Stabroek Block.

The Cataback-1 well encountered 243 feet of net pay in high-quality hydrocarbon-bearing sandstone reservoirs. It is located approximately 3.7 miles east of Turbot-1 and was drilled in 5,928 feet of water by the Noble Tom Madden drillship. The Turbot-1 discovery was announced back in October 2017.

“This discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential. Our proprietary technologies, global exploration experience, and drilling capabilities continue to yield positive results in the Stabroek Block, which will generate additional value for Guyana,” SVP of exploration and new ventures at ExxonMobil Mike Cousins stated.

The Stabroek Block is 6.6 million acres and ExxonMobil’s affiliate Esso Exploration and Production Guyana Limited is the operator with a 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds the remaining 25 percent interest in the block.

In a separate statement, Stabroek partner Hess claimed that the latest estimate is up from the previous estimate of more than 9 billion barrels of oil equivalent.

“We are pleased that Cataback is our 21st significant discovery on the Stabroek Block and further underpins the potential for future developments. We continue to see multibillion barrels of additional exploration potential remaining on the block,” Hess CEO John Hess said.

To remind, ExxonMobil announced its 20th discovery in the Stabroek Block offshore Guyana in September 2021. That discovery was made via the Pinktail well.

Read the latest issue of the OGV Energy magazine HERE.