ExxonMobil increases oil estimate to 10 billion barrels in Guyana

A new discovery at the Cataback-1 well in the Stabroek block offshore in Guyana has brought the number of significant discoveries to more than 20.

This discovery has increased Texas-based multinational oil and gas giant ExxonMobil's resource estimate to approximately 10 billion oil-equivalent barrels, it announced on its website on Thursday.

Its senior vice president of exploration and new ventures, Mike Cousins said, “This discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential.

“Our proprietary technologies, global exploration experience and drilling capabilities continue to yield positive results in the Stabroek block, which will generate additional value for Guyana.”

According to ExxonMobil, the Stabroek block is 6.6 million acres (26,800 square kilometers). Cataback-1 well encountered 243 feet (74 metres) of net pay in high quality hydrocarbon bearing sandstone reservoirs. It is located approximately 3.7 miles (six kilometres) east of Turbot-1 and was drilled in 5,928 feet (1,807 metres) of water by the Noble Tom Madden.

Its affiliate Esso Exploration and Production Guyana Ltd is the operator and holds 45 per cent interest in the Stabroek block, while Hess Guyana Exploration Ltd holds 30 per cent interest and CNOOC (China National Offshore Oil Corporation) Petroleum Guyana Ltd holds 25 per cent interest.

The company said its operations with the recent discoveries and ongoing projects in Guyana have contributed to the advancement of the country’s economy. It estimated that over 2,500 jobs were created and over $480 million was spent with more than 800 Guyanese vendors since 2015.