The Stabroek block offshore Guyana holds substantially more discovered oil and natural gas recoverable resource potential, with ExxonMobil notching it 1 billion boe higher from June to 10 billion boe.

The updated resource estimate includes a discovery at the Cataback-1 well, the supermajor said. That brings the total significant discoveries in Stabroek to more than 20. Cataback, drilled about 3.7 miles east of the Turbot-1 well in 5,928 feet of water, encountered 243 feet of net pay in the sandstone reservoirs. 

“This discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential,” said ExxonMobil’s Mike Cousins, senior vice president of exploration and new ventures. “Our proprietary technologies, global exploration experience and drilling capabilities continue to yield positive results in the Stabroek block, which will generate additional value for Guyana.”

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ExxonMobil early this year added two drillships to the block, bringing its total to six at mid-year. At least six floating, production, storage and offloading units could be sited across Stabroek by 2027, with the potential for up to 10, the company said.

Oil developments offshore Guyana have a Brent breakeven of $25-35/bbl, ExxonMobil has said.

The recent discoveries and ongoing projects “continue to contribute to the advancement of the Guyanese economy,” the company noted. There now are more than 2,850 Guyanese supporting ExxonMobil’s project activities. ExxonMobil said with key contractors, $480 million-plus has been spent since 2015 with more than 800 Guyanese vendors.

Stabroek, spread across 6.6 million acres, is operated by affiliate Esso Exploration and Production Guyana Ltd. with a 45% stake. Hess Guyana Exploration Ltd. holds 30% of the interest, while CNOOC Petroleum Guyana Ltd. has a 25% stake.