Exxon Mobil discovers oil in Payara reservoir

These positive well results increase the estimated gross recoverable resource for the Stabroek Block to 2.25 billion - 2.75 billion boe.

The well was successfully drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, and encountered 59 ft (18 m) of high-quality, oil-bearing sandstone in the Payara field. It was safely drilled to 19 068 ft (5812 m) in approximately 7000 ft (2135 m) of water. The well is only 12 miles (20 km) northwest of the recently funded Liza phase 1 project on the Stabroek Block, which is approximately 130 miles offshore Guyana.

“Payara-2 confirms the second giant field discovered in Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments and deliver substantial benefits to Guyana. We are committed to continue to evaluate the full potential of the Stabroek Block.’