ExxonMobil Increases Estimate for Guyana’s Stabroek Block to 4 Billion Barrels
- Evaluation supports third phase of development; additional two phases under consideration with potential to produce over 750,000 barrels per day
- Success in upstream projects increases confidence in earnings growth plans
- High quality resource and project execution excellence provides value to resource owners, partners and shareholders
The increase follows completion of testing at the Liza-5 appraisal well, a discovery at Ranger, incorporation of the eighth discovery, Longtail, into the Turbot area evaluation and completion of the Pacora discovery evaluation. The previous recoverable resource estimate was 3.2 billion oil-equivalent barrels.
“Outstanding resource quality across these opportunities combined with
industry-leading project execution capabilities will provide great value
to resource owners, partners and our shareholders,” said
“Continued success in
Guyana’s first development, Liza Phase 1, will use a floating production, storage and offloading (FPSO) vessel to produce 120,000 barrels of oil per day, starting by early 2020. Liza Phase 2, which is targeted for sanctioning by the end of this year, will use an FPSO vessel designed to produce up to 220,000 barrels of oil per day and is expected to be producing by mid-2022.
The Liza-5 well successfully tested the northern portion of the Liza
field and, along with the giant Payara field, will support a third phase
of development in
The Longtail well established the Turbot-Longtail area as a potential development hub for recovery of more than 500 million oil-equivalent barrels. Additional prospects to be drilled in this area could increase this estimate.
The collective discoveries on the Stabroek Block to date have established the potential for up to five FPSOs producing over 750,000 barrels per day by 2025. There is potential for additional production from significant undrilled targets and plans for rapid exploration and appraisal drilling, including at the Ranger discovery.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
Outlooks, projections, goals, targets, descriptions of business plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, capacities, and timing; resource recoveries; production volumes; and earnings growth could differ materially due to a number of factors. These include changes in oil or gas demand, supply, prices, or other market conditions affecting the oil and gas industries; reservoir performance; timely completion of exploration and development projects; the outcome of commercial negotiations; changes in law, taxes, or government regulation; war and other political or security disturbances; the actions of competitors; unforeseen technical or operating difficulties; unexpected technological developments; war and other political or security disturbances; general economic conditions including the occurrence and duration of economic recessions; and other factors discussed in this release and under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com.
Statements in this release regarding earnings and other growth plans
refer to plans outlined at ExxonMobil’s Analysts’ Meeting held on
References to oil-equivalent barrels, recoverable resources, and other
quantities of oil and gas in this release include volumes that are not
yet classified as proved reserves under
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