Exxon Mobil discloses another oil discovery offshore Guyana

Sept 9 (Reuters) – U.S. oil significant Exxon Mobil Corp (XOM.N) stated on Thursday it experienced created a discovery at Pinktail in the Stabroek Block offshore Guyana, as it develops a big new oil and fuel locate.

Exxon operates the 6.6-million-acre Stabroek Block as part of a consortium that incorporates Hess Corp (HES.N) and China’s CNOOC Ltd (0883.HK). It has manufactured at least 20 discoveries there.

The corporation reported the come across would increase to the previous recoverable useful resource estimate of extra than 9 billion barrels of oil and gasoline, without the need of specifying the measurement of reserves in its newest discovery.

The company’s next offshore generation facility, the Liza Unity, established sail from Singapore to Guyana in early September. The floating creation storage and offloading (FPSO) vessel is crossing the East Indian Ocean, with an approximated arrival in Guyana on Nov. 15, in accordance to Refinitiv Eikon vessel monitoring details.

The Unity FPSO will be utilized for the Liza Section 2 advancement and is envisioned to get started generation in early 2022, with an output potential of about 220,000 barrels for each day (bpd) of oil.

The consortium commenced generating crude in late 2019. Hess Main Government Officer John Hess reported in remarks to the Barclays CEO Electricity-Power Conference on Thursday the Liza 1 task was creating at its nameplate capability of 120,000 bpd.

He mentioned the corporation envisioned the Stabroek block to produce at least 1 million bpd by means of six FPSOs by 2027.

The Payara project, the consortium’s third in the Stabroek block, is predicted to begin up in 2024, Hess told an investor meeting hosted by Barclays.

Exxon expects to submit a progress program for its fourth Guyana challenge, Yellowtail, later on this year, reported Hess.

Hess Main Operating Officer Greg Hill claimed he predicted Guyana’s governing administration to approve the consortium’s progress prepare for Yellowtail, its fourth challenge, by the finish of this 12 months.

Reporting by Arunima Kumar in Bengaluru and Luc Cohen in New York Modifying by Vinay Dwivedi, Edmund Blair and David Gregorio

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