Second Giant Oil Find off Guyana

GEORGETOWN, Guyana, Wednesday July 26, 2017 – Oil giant ExxonMobil has announced another giant oil discovery offshore Guyana, this time in the Payara field.

In a statement issued yesterday, Exxon said the find increases Payara’s resources to approximately 500 million oil-equivalent barrels.

The latest find makes it the second giant discovery off Guyana since the 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.

The Payara field is located in the 6.6 million-acre Stabroek Block for which Exxon and its partners, Hess Corporation and CNOOC Nexen, have exploration and production licences.

These positive 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.

“We are committed to continue to evaluate the full potential of the Stabroek Block,” Greenlee said.

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