Sunday 19 November, 2017

Guyana's Payara-2 confirms discovery of second oil field

Oil giant Exxon Mobil has announced an additional oil find in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. 

A report by Business Wire said the well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels and 2.75 billion oil-equivalent barrels.

“Payara-2 confirms the second giant field discovered in Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company.

“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.”

The well was successfully drilled by Exxon Mobil affiliate Esso Exploration and Production Guyana Limites and encountered 59 feet (18 meters) of high-quality, oil-bearing sandstone in the Payara field.

The well was safely drilled to 19,068 feet (5,812 meters) in approximately 7,000 feet (2,135 meters) of water.

The well is just 12 miles (20 kilometers) north-west of the recently funded Liza phase 1 project on the Stabroek Block, which is approximately 130 miles offshore Guyana.

The Stabroek Block is 6.6 million acres (26,800 square kilometres). 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 Nexen Petroleum Guyana Limited holds 25 percent interest.