trending Market Intelligence /marketintelligence/en/news-insights/trending/OxxHKHVkqaGvzOl5Hb5bLA2 content esgSubNav
In This List

Exxon makes another oil discovery offshore Guyana

Blog

Insight Weekly: Recession risk persists; Banks pull back from crypto; 2022 laggard stocks rally

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Podcast

Energy Evolution | A transition to cleaner energy drives demand for new nickel mines

Podcast

Energy Evolution | Looking ahead to the energy transition in 2023


Exxon makes another oil discovery offshore Guyana

Exxon Mobil Corp. said Dec. 23 that it made an oil discovery offshore Guyana at the Mako-1 well located southeast of the Liza field.

The recent oil discovery adds to the estimated recoverable resource of over 6 billion oil-equivalent barrels on the Stabroek Block, according to a Dec. 23 news release. In its 15th discovery in the Stabroek Block, the company found about 164 feet of oil-bearing sandstone reservoir in the Mako-1 well, which has been drilled in 5,315 feet of water.

In addition, a consortium operated by an Exxon subsidiary started oil production from the Liza field ahead of schedule. The production from Liza field's first phase is expected to reach up to 120,000 barrels of oil per day.

Exxon also said production from the Payara field may begin as early as 2023, upon approval of the government and project sanctioning, according to the release. Production from the field is estimated at 220,000 barrels of oil per day.

Exxon affiliate Esso Exploration and Production Guyana Ltd. operates and holds a 45% interest in the Stabroek Block. Hess Corp. subsidiary Hess Guyana Exploration Ltd. holds a 30% interest, while China National Offshore Oil Corp. unit CNOOC Petroleum Guyana Ltd. holds the remaining 25% interest.