ExxonMobil Mako-1 discovery adds to offshore Guyana oil

ExxonMobil made an oil discovery offshore Guyana at the Mako-1 well southeast of Liza field, marking the 15th discovery on Stabroek block. The discovery adds to previously announced estimated recoverable resources of more than 6 billion boe on Stabroek, which began producing oil Dec. 20, 2019.

Mako-1 encountered about 164 ft (50 m) of a high-quality oil bearing sandstone reservoir. Mako-1, drilled in 5,315 ft (1,620 m) of water, is roughly 6 miles (10 km) southeast of Liza field The Liza Phase 1 development achieved first Dec. 20, 2019, and will produce up to 120,000 b/d via Liza Destiny floating production, storage, and offloading vessel (FPSO).

Liza Unity FPSO, which will be employed for Phase 2 Liza development and will have a production capacity of 220,000 b/d, is under construction and expected to start production by mid-2022.

Pending government approvals and project sanctioning of a third development, production from the Payara field north of the Liza discoveries could start as early as 2023, reaching an estimated 220,000 barrels of oil per day.

ExxonMobil's drilling activities in Guyana continue with four drillships to further explore and appraise new resources as well as develop resources within approved projects.

Stabroek block covers 6.6 million acres (26,800 sq km). ExxonMobil affiliate Esso Exploration and Production Guyana Ltd is operator and holds 45% interest in Stabroek. Hess Guyana Exploration Ltd. holds 30% and CNOOC Petroleum Guyana Ltd, a wholly-owned subsidiary of CNOOC Ltd, holds 25%.