ExxonMobil and its partners have announced a new find in the Stabroek Block offshore Guyana.
The latest discovery, at the Yellowtail-1 well, is the 13th to be made by the group and adds to the 5.5 billion boe of reserves the block is estimated to hold.
Yellowtail-1 is the fifth find in the Turbot part of the block, which ExxonMobil said it anticipated would emerge as a major development hub like the Liza area of the block.
"Similar to the Liza area, successive discoveries in the Turbot area have continuously grown its shared value," said Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures, in a statement.
Yellowtail-1 found around 292 feet (89 metres) of high-quality oil bearing sandstone reservoir. The well was drilled to a depth of 18,445 feet (5,622 metres) in water depths of 6,046 feet (1,843 metres) by the Noble Tom Madden drillship. The vessel began work on the well on March 27 and will now move to the Hammerhead-2 well site.
Yellowtail-1 is around 10 km west of the Tilapia-1 well where hydrocarbons were discovered in February at the same time as at the Haimara-1 well.
The Stena Carron drillship is currently completing a well test at the Longtail-1 discovery after which it will drill the Hammerhead-3 well. The vessel is also scheduled to drill a second well at the Ranger discovery this year.
Meanwhile, the Noble Bob Douglas drillship is completing development drilling work on the Liza Phase 1 development. The project has moved into peak execution phase, with first oil anticipated in the first quarter of 2020 before it ramps up to 120,000 bpd. The second phase of Liza has a targeted start-up of mid-2022, and a third development, Payara, could come on line as early as 2023.
ExxonMobil is the operator of the Stabroek Block with a 45% stake, while Hess (30%) and CNOOC Nexen (25%) are its partners. The consortium believes the Stabroek Block has the potential for at least five FPSOs, and aims to be producing more than 750,000 bpd by 2025.
The first of these, the Liza Destiny FPSO, is due to arrive in country in the third quarter of 2019 and will be used for Liza Phase 1 output. The Liza Unity FPSO will be used in Liza Phase 2, which will have peak production of 220,000 bpd.