It’s now 5.5 billion barrels -ExxonMobil increases estimates on oil find

ExxonMobil Thursday revised its estimate on its multiple oil discoveries, saying it can now recover 5.5 billion barrels.

ExxonMobil and its partners are working in the giant Stabroek Block offshore Guyana.

“There is potential for at least five floating, production storage and offloading vessels (FPSO) on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025,” the company stated.

Exploration activity in the Stabroek Block is continuing, the company added. It stated that the Noble Tom Madden drillship will next drill the Yellowtail-1 well, approximately six miles (10 kilometers) west of Tilapia-1 in the Turbot area and the Stena Caren will next return to the Longtail discovery to complete a well test. Baseline 4-D seismic data acquisition is also underway.

The Liza Phase 1 development is progressing on schedule and is expected to begin producing up to 120,000 barrels of oil per day in early 2020, utilizing the Liza Destiny FPSO.

Pending government and regulatory approvals, Liza Phase 2 will use a second FPSO designed to produce up to 220,000 barrels per day.

Start-up is expected by mid-2022. A third development, Payara, is being planned, with startup expected as early as 2023.