ExxonMobil Redtail discovery adds to offshore Guyana oil

ExxonMobil made an oil discovery offshore Guyana at the Redtail-1 well, marking the 18th discovery on Stabroek block. The discovery adds to previously announced estimated recoverable resources of more than 8 billion boe on Stabroek.

Redtail-1 encountered 232 ft (70 m) of high-quality oil bearing sandstone reservoir. The well, about 1.5 miles (2.5 km) northwest of the recent Yellowtail discovery, was drilled in 6,164 ft (1,878 m) of water.

In addition to the Redtail-1 discovery, drilling at Yellowtail-2 encountered 69 ft (21 m) of net pay in newly identified, high-quality oil bearing reservoirs among the original Yellowtail-1 discovery intervals. This resource is currently being evaluated for development in conjunction with nearby discoveries.

ExxonMobil made the first commercial discovery in Guyana in 2015 and started production in December 2019 from the Liza Destiny floating production and offloading vessel (FPSO), which can produce up to 120,000 b/d.

ExxonMobil continues to advance the Liza Phase 2 project, which is expected to startup in 2022 and produce up to 220,000 b/d. Construction activities are underway in Singapore on the Liza Unity FPSO. A third production vessel for the Payara development, with production capacity of 220,000 b/d, is on hold pending government approval.

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%.