Global oil and gas company ExxonMobil has made an additional discovery offshore Guyana, at the Yellowtail-1 well. This is the fifth discovery in the Turbot area, and the thirteenth discovery in the Stabroek Block. It adds on the previously announced recoverable resource base of more than 5.5 Gboe. The Stabroek block is operated by ExxonMobil's affiliate Esso Exploration and Production Guyana with a 45% stake. The remainder is held by Hess Guyana Exploration (30%) and CNOOC (25%).
So far, the collective discoveries on the Stabroek Block have established the potential for up to five FPSOs producing over 750,000 bbl/d by 2025. ExxonMobil plans to start producing up to 120,000 bbl/d by early 2020 under the framework of the Liza Phase 1 prospect development, with the Liza Destiny floating storage, production and offloading vessel (FPSO). The next stage (Liza Phase 2) is slated for start-up by mid-2022 and will use a second FPSO (220,000 bbl/d). A third FPSO would develop the Payara area as of 2023.
In 2018, ExxonMobil provided an update of its proved reserves, which increased by 4.5 Gboe in 2018 to reach a total of 24.3 Gboe (64% of liquids). This amount is significantly higher than what was recorded a year ago, as the company added 2.7 Gboe of proved oil and gas reserves in 2017. ExxonMobil replaced 313% of the year’s hydrocarbon production and the company's reserves life is estimated at 17 years at current production rates.