ExxonMobil discovered two oil sites off Guyana

ExxonMobil announced the discovery of two oil
sites in Fangtooth-1 and Lau-1 of the Stabroek block off Guyana's coast.

The Fangtooth-1 well encountered approximately 164 feet (50 m) of high-quality oily sandstone reservoirs
.
The well was drilled in 6,030 feet (1,838 m) of water and is located about 11 miles (18 km) northwest of the
Liza field.
The Lau-1 well encountered approximately 315 feet (96 m) of high-quality hydrocarbon sandstone reservoirs
.
The well was drilled in 4,793 feet (1,461 m) of water and is located about 42 miles (68 km) southeast of the
Liza field.

These findings will add to previously published estimates
of recoverable resources for the block's 10 billion barrels of oil equivalent.

Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said: "The preliminary results of the Fangtooth and Lau Lau wells are a positive sign for Guyana and continue to show the potential of the country's growing oil and gas industry, ExxonMobil and our joint venture in the
Stabroek block.
Fangtooth's discovery is the successful result of our test of a deeper exploration strategy, while Lau Lau's discovery increases the number of development opportunities
in the southeastern part of the Stabroek block.
Both discoveries increase our understanding of the resources and our continued confidence in the exploration potential of the block, which we believe could lead to as many as 10 developments to date
.
”

Fangtooth was drilled by Stena DrillMAX and Lau Lau drilled by Noble Don Taylor
.
Noble Don Taylor is two of the six drillships supporting ExxonMobil Guyana offshore exploration and development drilling
.

In addition, the infrastructure for future oilfield development continues to make progress
.
The Liza Unified Floating Production, Storage and Transportation (FPSO) vessel is undergoing intermodal transport and commissioning
after arriving in the waters of Guyana in October 2021.
Unity is expected to start production in the first quarter of 2022, with a goal of producing 220,000 barrels of oil
per day at peak production.

The third project of the Stabroek block of the Prosperity FPSO vessel has been completed and is underway in Singapore, with production
scheduled for 2024.
The fourth potential oilfield development plan and environmental impact assessment Yellowtail project have been submitted to the government and regulatory agencies for review
.

These new projects continue to drive investment in Guyana's growing economy
.
More than 3,200 Guyanese are currently employed to support project activities, and ExxonMobil and its key contractors have spent $540 million
on more than 800 local companies since 2015.

The Stabroek block covers 6.
6 million acres (26,800 square kilometers
).
ExxonMobil subsidiary Esso Exploration and Production Guyana Limited is the operator and holds a 45% interest
.
Hess Guyana Exploration Ltd.
holds a 30% interest and CNOOC Petroleum Guyana Limited holds a 25% interest
.