U.S. supermajor ExxonMobil has found more oil in the Payara reservoir offshore Guyana, increasing the total volume of the Payara discovery to 500 million oil-equivalent barrels.
The well is only 20km northwest of the recently funded Liza phase 1 project on the Stabroek Block, which is approximately 130 miles offshore Guyana.
The well was successfully drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited and encountered 18 meters of high-quality, oil-bearing sandstone in the Payara field.
In a statement ExxonMobil said that these positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion and 2.75 billion boe.
“Payara-2 confirms the second giant field discovered in Guyana. Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments and deliver substantial benefits to Guyana. We are committed to continue to evaluate the full potential of the Stabroek Block," ” said Steve Greenlee, president of ExxonMobil Exploration Company.
Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.