–ExxonMobil reports more than 30 discoveries in Stabroek Block since 2015
–says one million barrels per day expected by 2030, as third quarter 2022 production grows to 360,000

EXXONMOBIL, on Wednesday, announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek Block offshore Guyana, adding to its extensive portfolio of development opportunities.

According to a press statement from the oil giant, the company has made more than 30 discoveries in the block since 2015, and it has ramped up offshore development and production at a pace that far exceeds the industry average.

“Our unrivalled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities and steadfast focus on optimising all aspects of operations,” President of ExxonMobil Upstream Company, Liam Mallon said.

He added: “We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable and lower-emission energy.

Our investments through the pandemic have allowed us to increase supply at this critical time, while creating value for the people of Guyana, our partners and shareholders.”

The Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was drilled in 4,616 feet (1,407 meters) of water. The Yarrow-1 well encountered approximately 75 feet (23 meters) of hydrocarbon-bearing sandstone and was drilled in 3,560 feet (1,085 meters) of water. Both wells were drilled by the Stena Carron drillship.

Even as the company continues to find more oil, its first two sanctioned projects offshore Guyana, Liza Phase One and Liza Phase Two, recorded more success, achieving an average of nearly 360,000 barrels of oil per day in the third quarter of 2022.

A third project, Payara, is expected to start-up by the end of 2023, and a fourth project, Yellowtail, is on course to production by 2025.

“ExxonMobil is pursuing environmental authorisation for a fifth project, Uaru. By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day,” the company said.

The Ministry of Natural Resources, in a statement on the new developments in the oil and gas sector, said that the ministry and its regulatory agencies are building capacity to enhance monitoring and exploration activities amidst rapid offshore development.

Natural Resources Minister, Vickram Bharrat, said that the petroleum sector regulatory agencies were mandated to enhance collaboration with all other operators to expedite their drill programmes, as Guyana seeks to further expand the sector through the discoveries of recoverable high-quality hydrocarbon.

Additionally, the much-anticipated bidding round for the oil blocks offshore Guyana is expected to bring new and emerging major petroleum companies to further increase Guyana’s oil and gas potentials, Minister Bharrat said.

“The Government of Guyana remains committed to the sustainable exploration and development of Guyana’s oil and gas resources in keeping with international best practices for production, compliance, and transparency within the petroleum sector, and to ensure benefits are derived for all Guyanese,” the minister affirmed.

It was reported that returns from the sector are expected to catapult Guyana to the ranks of wealthiest countries in the Western Hemisphere, thereby increasing the government’s fiscal space to invest in initiatives geared at expanding the economy, and improving the overall welfare of citizens.

In order to solidify the foundation of Guyana’s economy and enhance the overall well-being and welfare of every Guyanese, the government is crafting a framework for development that will be sustained through prudent and effective investment of oil funds into education, health, infrastructure and the non-oil sectors.

Vice-President, Dr. Bharrat Jagdeo, had said that the intention of the incumbent is to craft a framework for the future which will see more proceeds from the petroleum industry going toward Guyanese.

“… we have to spend the money to build the future, that is why we have made it clear in our manifesto, when we campaigned between 2015 and 2020, that money will be spent on education, healthcare, infrastructure and assistance to non-oil industries,” the Vice-President had said.