The Uaru-2 well is located on the Stabroek Block, offshore Guyana. Credit: David Mark on Pixabay.

ExxonMobil and its partners have made an oil discovery at the Uaru-2 well located on the Stabroek Block, offshore Guyana.

Drilled in 5,659ft of water, the Uaru-2 well is located approximately 11km south of the Uaru-1 well.

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During drilling, the Uaru-2 well encountered approximately 120ft of ‘high quality oil bearing sandstone reservoir’. This included newly identified intervals below the original Uaru-1 discovery.

ExxonMobil exploration and new ventures senior vice-president Mike Cousins said: “The Uaru-2 discovery enhances our work to optimally sequence development opportunities in the Stabroek Block.

“Progressing our industry-leading investments and well-executed exploration plans are vital in order to continue to develop Guyana’s offshore resources that unlock additional value for the people of Guyana and all stakeholders.”

ExxonMobil said that the Uaru-2 well would increase the Stabroek block’s previous gross discovered recoverable resource estimate of approximately nine billion barrels of oil and gas.

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Covering 6.6 million acres, the Stabroek Block is owned and operated by ExxonMobil affiliate Esso Exploration and Production Guyana with 45% stake. Hess Guyana Exploration and CNOOC Petroleum Guyana hold 30% and 25% interests, respectively.

Hess CEO John Hess said: “We expect to have at least six floating production storage and offloading (FPSO) units on the Stabroek Block by 2027, with the potential for up to 10 FPSOs to develop the current discovered recoverable resource base.”

Production from the Liza Phase 1 development, via the Liza Destiny FPSO, on the Stabroek Block is currently underway. The commissioning of the Liza Phase 2 is scheduled for early 2022.

ExxonMobil and its partners are planning to commission the Payara Field and Yellowtail development in the Stabroek Block in 2024 and 2025, respectively.

The partners hope to have at least six projects online at the Stabroek Block by 2027, with options to commission up to ten FPSOs.