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Guyana makes second giant oil find

ExxonMobil and its partners has announced another giant oil discovery, this time in the Payara field.

In a statement issued by the oil giant, Exxon noted that the find increases Payara’s resources to approximately 500M oil equivalent barrels.

Here is what we know:

Exxon drilled the well 19,068ft in 7,000ft of water. 59ft of high-quality oil bearing sandstone was encountered.
These results increase the Stabroek Block gross resources between 2.25B to 75B oil equivalent barrel.

Payara field is 12 miles from Liza field. The Payara field is located in the 6.6M acre Stabroek Block which Exxon and its partners, Hess Corporation and CNOOC Nexen, has exploration and production licences for. The Stabroek Block is located offshore Guyana.

The Payara find makes it the second giant discovery since 2015 find in the Liza field. Exxon’s president, Steve Greenlee, said these discoveries along with satellite discoveries at Snoek and Liza Deep “provides the foundation for world class oil developments” in Guyana.

“We are committed to continuing to evaluate the full potential of the Stabroek Block”, Greenlee was quoted as saying in the release. (DPI release)

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