“This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, president of Exxon Mobil Exploration Company. “We look forward to working with the government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”

The well was drilled by Exxon Mobil affiliate Esso Exploration and Production Guyana Limited, and encountered more than 95 ft of high-quality, oil-bearing sandstone reservoirs. It was safely drilled to 18,080 ft in 6,660 ft of water. The Payara field discovery is about 10 miles northwest of the 2015 Liza discovery.

In addition to the Payara discovery, appraisal drilling at Liza-3 has identified an additional high quality, deeper reservoir directly below Liza field, which is estimated to contain 100-150 MMboe. This additional resource is being evaluated for development in conjunction with the world-class Liza discovery.

“These latest exploration successes are examples of Exxon Mobil’s technological capabilities in ultra-deepwater environments, which will enable effective development of the resource for the benefit of the people of Guyana and our shareholders,” Greenlee said.

Drilling on Payara began on Nov. 12 with initial total depth reached on Dec. 2. Two sidetracks have been drilled to rapidly evaluate the discovery, and a well test is underway to further evaluate the successful well results. The well data will be analyzed in the coming months to better determine the full resource potential.

The Stabroek Block is 6.6 million acres. Esso Exploration and Production Guyana Limited is operator and holds a 45% interest in the block. Hess Guyana Exploration Ltd. holds a 30% interest and CNOOC Nexen Petroleum Guyana Limited holds the remaining 25%.

Source: World Oil