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Stabroek Block: ExxonMobil announces a Promising Discovery

ExxonMobil announces two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana.

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ExxonMobil has added the Sailfin-1 and Yarrow-1 discoveries in the Stabroek Block, offshore Guyana, to its portfolio. The company counts more than 30 discoveries on the block since 2015. In addition, it is accelerating offshore development at a rate exceeding the industry average.

ExxonMobil states that Sailfin-1 is under 1407 meters of water. The borehole encounters a hydrocarbon slick approximately 95 meters below ground. Thus the drilling is done at 1502 meters.

Yarrow-1 completes Sailfin-1, settling under 1085 meters of water, and 23 meters of sandstone. The discovery is established at 1108 meters. In addition, the drill ship is the Stena Carron.

A promising sector

ExxonMobil’s first two offshore projects in Guyana are Liza Phase 1 and Liza Phase 2. Currently, both wells are now producing above design capacity. In addition, Liza Phase 1 and 2 are averaging 360,000 barrels of oil per day in the third quarter.

A third project, Payara, is expected to start by the end of 2023. In addition, a fourth project, Yellowtail, is scheduled to start in 2025. In addition, ExxonMobil is currently seeking environmental clearance for a fifth project, Uaru.

ExxonMobil expects Guyana’s oil production capacity to exceed one million barrels per day. In addition, the Stabroek block covers 6.6 million acres, or 26,800 square kilometers. ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited, is the operator and holds 45%.

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