ExxonMobil announces discovery at Uaru-2 offshore Guyana

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An oil discovery was made at the Uaru-2 well in the Stabroek Block offshore Guyana on Tuesday (today) and according to this announcement by ExxonMobil, the Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels.

HGP Nightly News understands that drilling at Uaru-2 encountered approximately 120 feet (36.7 meters) of high quality oil bearing reservoirs including newly identified intervals below the original Uaru-1 discovery.

This well was drilled in 5,659 feet (1,725 meters) of water and is located approximately 6.8 miles (11 kilometers) south of the Uaru-1 well.

A statement from ExxonMobil noted that the “Guyana potential” increases to as many as 10 floating production storage and offloading vessels (FPSO and the estimated recoverable resource of approximately 9 billion oil-equivalent barrels is expected to increase.

Currently there are six (6) drillships now operating offshore Guyana.

“The Uaru-2 discovery enhances our work to optimally sequence development opportunities in the Stabroek Block,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “Progressing our industry-leading investments and well-executed exploration plans are vital in order to continue to develop Guyana’s offshore resources that unlock additional value for the people of Guyana and all stakeholders.”

In January last year, ExxonMobil had announced that Uaru-1 was the 16th discovery in the Stabroek Block. That well encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir and was drilled in 6,342 feet (1,933 meters) of water. 

The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.

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