Guyana continues to record Offshore Oil Discoveries within the Stabroek Block

-GoG welcomes two new discoveries as oil exploration and development yield positive results

In compliance with the principles of transparency and accountability and good governance, the Government of Guyana through the Ministry of Natural Resources is pleased to announce two new oil-field discoveries by Exxon Exploration and Production Guyana (EEPGL) and partners offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block.

The discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, with the total number of economically viable discoveries within this block offshore Guyana being at 33. As such, the GoG welcomes the continued success of exploration and discovery work by EEPGL and its partners within the Stabroek Block which has now produced seven discoveries in total offshore Guyana thus far in 2022.

The Seabob-1 well encountered approximately 131 feet (40 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 meters) of water by the Stena Carron drill ship. The Kiru-Kiru-1 well encountered approximately 98 feet (30 meters) of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet (1,756 meters) of water. Drilling operations at Kiru-Kiru are ongoing.

Natural Resources Minister, Hon. Vickram Bharrat, MP; stated that the new discoveries will continue to ascend Guyana as an oil-producing and exporting nation with the much internationally sought after ‘medium sweet crude,’ that will enhance the government’s efforts to diversify away from oil and focus on world-class health care, infrastructure, and other social services to enhance the lives of all Guyanese. Minister Bharrat said that the Government will continue to work with local stakeholders and international partners to ensure all petroleum activities are conducted in keeping with the best environmental and sustainability practices. 

Further, the Ministry of Natural Resources will continue to closely monitor exploration drilling and resource development in Guyana, where it is already increasing production with  two (2) floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — which have exceeded their initial combined production target of 340,000 barrels of oil per day. The third project, Payara, is expected to produce220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000barrels per day when the ONE GUYANA FPSO comes online in 2025. 

The Ministry of Natural Resources and the Government of Guyana welcome the addition of two new discoveries offshore Guyana, totaling 33 discoveries within the Stabroek Block and 38 discoveries overall, which will further strengthen Guyana as a petroleum-producing economy, while at the same time be guided by good international oil field practices for effective and efficient governance.

Hon. Vickram Bharrat M.P
Minister of Natural Resources
July 26, 2022

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