Market Overview

ExxonMobil Announces Two New Discoveries Offshore Guyana

  • Eleventh and 12th discoveries made at Tilapia-1 and
    Haimara-1 wells in southeast section of Stabroek Block
  • Adds to recently updated estimate of the discovered recoverable
    resource to more than 5 billion oil-equivalent barrels
  • Growing Turbot area offers significant development potential; baseline
    4-D seismic in progress

said today it made two additional discoveries offshore Guyana at the
Tilapia-1 and Haimara-1 wells, bringing the total number of discoveries
on the Stabroek Block to 12. The discoveries build on the previously
announced estimated recoverable resource of more
than 5 billion oil-equivalent barrels
on the Stabroek block.

Tilapia-1 is the fourth discovery in the Turbot area that includes the
Turbot, Longtail and Pluma discoveries. Tilapia-1 encountered
approximately 305 feet (93 meters) of high-quality oil-bearing sandstone
reservoir and was drilled to a depth of 18,786 feet (5,726 meters) in
5,850 feet (1,783 meters) of water. The well is located approximately
3.4 miles (5.5 kilometers) west
of the Longtail-1 well

The Noble Tom Madden drillship began drilling the well on Jan. 7 and
will next drill the Yellowtail-1 well, approximately six miles (10
kilometers) west of Tilapia-1 in the Turbot area. Baseline 4-D seismic
data acquisition is underway.

"We see a lot of development potential in the Turbot area and continue
to prioritize exploration of high-potential prospects here," said Steve
Greenlee, president of ExxonMobil Exploration Company. "We expect this
area to progress to a major development hub providing substantial value
to Guyana, our partners and ExxonMobil."

The other discovery was at the Haimara-1 well, which encountered
approximately 207 feet (63 meters) of high-quality, gas-condensate
bearing sandstone reservoir. The well was drilled to a depth of 18,289
feet (5,575 meters) in 4,590 feet (1,399 meters) of water. It is located
approximately 19 miles (31 kilometers) east of the Pluma-1 discovery and
is a potential new area for development. The Stena Carron drillship
began drilling the well on Jan. 3 and will next return to the Longtail
discovery to complete a well test.

There is potential for at least five floating, production storage and
offloading vessels (FPSO) on the Stabroek Block producing more than
750,000 barrels of oil per day by 2025. The Liza Phase 1 development is
progressing on schedule and is expected to begin producing up to 120,000
barrels of oil per day in early 2020, utilizing the Liza Destiny FPSO.

Liza Phase 2 is expected to startup by mid-2022. Pending government and
regulatory approvals, sanctioning is expected in the first quarter of
2019 for the project, which will use a second FPSO designed to produce
up to 220,000 barrels per day. Sanctioning of a third development,
Payara, is also expected in 2019, and startup is expected as early as

The Stabroek Block is 6.6 million acres (26,800 square kilometers).
ExxonMobil affiliate Esso Exploration and Production Guyana Limited is
operator and holds 45 percent interest in the Stabroek Block. Hess
Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum
Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25
percent interest.

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Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and schedules, resource
recoveries and production rates could differ materially due to changes
in market conditions affecting the oil and gas industry or long-term oil
and gas price levels; political or regulatory developments including the
grant of necessary approvals; reservoir performance; the outcome of
future exploration and development efforts; technical or operating
factors; the outcome of future commercial negotiations; and other
factors cited under the caption "Factors Affecting Future Results" on
the Investors page of our website at
References to recoverable resource, oil-equivalent barrels and similar
terms include quantities that are not yet classified as proved reserves
under SEC rules but are expected ultimately to be moved into the proved
reserve category and produced in the future.

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