Oil Discovery Offshore Guyana
ExxonMobil and partners Hess and CNOOC have made another oil discovery offshore Guyana with the wildcat well Uaru-2 on the prolific Stabroek Block. The well encountered 36.7m of oil in Cretaceous sandstones, with some oil pay in deeper formations than the Uaru-1 well. This adds to the previous recoverable resource estimate of approximately 9 Bboe. Ultra-deep water drillship Noble Don Taylor drilled the exploration well Uaru-2 and will move to spud the exploration well Mako-2 after completion. ExxonMobil currently has six drillships operating in the region. This recent result supports the target of eight floating production storage and offloading (FPSO) developments on Stabroek, comparable only to the giant pre-salt developments in the Brazilian Santos Basin. The final tally could reach 10 FPSOs, hinting at an overall gross production rate of 2 MMbopd, surpassing the traditional oil-producing heartlands of West Africa and the North Sea.