Discovery of new oil reserves in Guayana

The UK-based Tullow Oil Company and the US based ExxonMobil, on Monday announced the discovery of more oil in the Guyana basin.

Head of the Department of Energy, Dr. Mark Bynoe on Monday said the discovery, made at the Joe-1 exploration well,has successfully opened a new Upper Tertiary oil play in the Guyana basin.

This is second discovery of oil in two different wells operated by Tullow, in less than six weeks.

Meanwhile, just moments after Bynoe made the disclosure, the Exxon oil company issued a statement announcing its 14th oil discovery.

The Head of the Department of Energy said ExxonMobil announced that oil was discovered  on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. 

This well was being drilled by the Tom Madden drillship.

The Department said the discovery adds to the previously announced estimated recoverable resource of more than six billion oil-equivalent barrels on the Stabroek Block.

“This is another major development for the Co-operative Republic of Guyana which, along with other oil discoveries, has the potential to advance the country’s economy and propel it towards impactful and sustained development. The Department of Energy (DE) continues to be encouraged by the prolific rate of discovery of high-quality hydrocarbons offshore Guyana as the discoveries add to the further de-risking of this play type in the deep and ultra-deep zones,”  Bynoe said.

He added that the country continues to be encouraged by the prolific rate of discovery in the country.

“Every Guyanese can be assured that the Government will continue to work conscientiously to pursue the most effective and efficient marketing strategies of Guyana’s crude entitlement to transform our economy and to implement sustainable development programmes from which all Guyanese can benefit”.

Previously, ExxonMobil announced plans to have at least five FPSO vessels on the Stabroek Block, which will produce more than 750,000 barrels of oil per day by 2025. The Liza Phase 1 development is on track to start-up by early 2020 and will produce up to 120,000 barrels of oil per day, utilizing the Liza Destiny FPSO.

Further, pending Government approvals, a third development, the Payara start-up could be as early as 2023 and production is expected to reach an estimated 220,000 barrels of oil per day.

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