ExxonMobil announces two new oil exploration discoveries in Guyana

According to today's oil price website January 5, US oil giant ExxonMobil said on Wednesday that the company found two more oil sites in the Stabroek block off Guyana, which increased the previously published estimate
of the block's 10 billion barrels of oil equivalent recoverable resources.

ExxonMobil has discovered high-quality oil-and-gas sandstone reservoirs in Fangtooth-1 and Lau Lau-1 wells in blocks near Guyana that will continue to be one of
U.
S.
companies' preferred exploration and production areas for years to come.

Mike Carsons, ExxonMobil's senior vice president of exploration and new ventures, said: "These two discoveries increase our understanding of the resource and our continued confidence in
the exploration potential of the block.
We believe that many of the discoveries made so far could lead to as many as 10 development projects
.
”

Since its first oil discovery off Guyana's coast in 2015, ExxonMobil has discovered more than 20 sites off the coast of the
South American nation.

Currently, Guyana hopes to build an economy
powered by its own energy using the vast amounts of oil and gas discovered over the past five years.

Thanks to ExxonMobil's huge discovery off the coast of Guyana, the South American country became an exporter
of crude oil in early 2020.
Over the past two years, the U.
S.
oil giant and its partner Hess in the prolific Stabroek block have discovered more than a dozen more oils, and the Liza Phase I project is lucrative for both the oil company and Guyana
.

Hess said the Liza Phase I and Phase II development projects are about
$35 and $25 a barrel, respectively.
The launch of Liza Phase II is expected to be implemented by mid-2022 through floating, production, storage and unloading vessels (FPSOs), which can produce up to 220,000 barrels of oil
per day.

ExxonMobil also said today that the hull of the Prosperity FPSO vessel, the third project in the Stabroek block of the Payala field, has been completed and that Singapore is undergoing upper block construction activities scheduled for production
in 2024.
The fourth potential project, Yellowtail's oilfield development plan and environmental impact assessment, has been submitted to the government and regulatory authorities for review
.