ExxonMobil has raised its estimate of the discovered recoverable resources across the Stabroek block offshore Guyana to more than 4 Bboe.
The company is now advancing its evaluation to support a third phase of development, with consideration for two additional phases.
The increase follows testing of the Liza-5 appraisal well, the Ranger discovery, inclusion of Longtail, the eighth discovery into the Turbot area evaluation, and completion of the Pacora discovery assessment.
ExxonMobil’s previous recoverable estimate was 3.2 Bboe.
The first development, Liza Phase 1, will employ an FPSO to produce 120,000 b/d of oil, starting by early 2020. Liza Phase 2, targeted for sanction by the end of this year, will use an FPSO with 220,000-b/d production capacity, set to enter service by mid-2022.
Liza-5 successfully tested the northern portion of the Liza field and, along with the Payara field will support the third development phase. The Payara development should be sanctioned next year and will produce through a 180,000-b/d capacity FPSO.
Earlier this year the Longtail well established the Turbot-Longtail area as a potential development hub that could recover more than 500 MMboe, although additional prospects to be drilled in this area could increase that figure, ExxonMobil said.
Altogether five FPSOs could be in action by 2025 producing more than 750,000 b/d, with further plans for rapid exploration and appraisal drilling, including at the Ranger discovery.
ExxonMobil operates the Stabroek block in partnership with Hess and CNOOC Nexen Petroleum Guyana.