Exxon Mobil Corp. announced this week that it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 MMboe.
- The Well encounters 59 feet of high-quality, oil-bearing sandstone reservoir.
- The find increases total Payara resource to approximately 500 million oil-equivalent barrels
- Payara located only 12 miles from the Liza phase 1 project
These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 Bboe and 2.75 Bboe. The well was successfully drilled by Exxon Mobil affiliate Esso Exploration and Production Guyana Limited and encountered 59 ft of high-quality, oil-bearing sandstone in Payara field.
It was safely drilled to 19,068 ft in approximately 7,000 ft of water. The Payara-1 well is only 12 miles northwest of the recently started Liza phase 1 project on the Stabroek Block, which is approximately 130 mi offshore Guyana.
Back in January, the supermajor publicized the positive results from its Payara-1 well, marking its second oil discovery on the 6.6 million acre Stabroek Block. Payara-1 encountered more than 95ft of high-quality, oil-bearing sandstone reservoirs. That well was drilled to 18,080ft in 6660ft water depth. The well targeted similarly aged reservoirs that were proven successful in their 2015 Liza discovery. At that time the Payara-1 discovery further establishes the area as a significant exploration province. Drilling on Payara 1 began on 12 November 2016, with initial total depth reached on 2 December. Two sidetracks were subsequently drilled with production tests planned to further evaluate the discovery. Payara-2 confirms the second giant field discovered in Guyana according to Steve Greenlee, president of Exxon Mobil 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.”