U.S. oil giant ExxonMobil has made a new oil discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block.
The discovery adds to the previously announced estimated recoverable resource of 5.5 billion oil-equivalent barrels on the Stabroek Block.
“Similar to the Liza area, successive discoveries in the Turbot area have continuously grown its shared value,” said Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures.
Yellowtail-1 encountered 89 meters of high-quality oil bearing sandstone reservoir and was drilled to a depth of 5,622 meters. The well is located approximately 10 kilometers northwest of the Tilapia discovery.
Exploration and development activities continue at other locations on the Stabroek Block. The Stena Carron is currently completing a well test at the Longtail-1 discovery and upon completion will next drill the Hammerhead-3 well. Later in 2019, the Stena Carron will drill a second well at the Ranger discovery.
ExxonMobil has previously said there is potential for at least five floating production, storage and offloading (FPSO) vessels on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.
The Stabroek Block is 26,800 square kilometers. ExxonMobil affiliate 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 Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 per cent interest.