US oil giant ExxonMobil has revised the estimated gross recoverable resource from the Stabroek Block offshore Guyana to approximately 5.5 billion oil-equivalent barrels.
This was announced by Senior Director, Public and Government Affairs of the company’s local affiliate, Esso Exploration & Production Guyana Ltd, Deedra Moe.
In a statement on Thursday, Moe said this increase in recoverable oil includes the recent Tilapia-1 and Haimara-1 discoveries – Exxon’s 11th and 12th finds in the Stabroek Block last month. These discoveries in the southwest section of the Stabroek Block reinforce the country’s potential to be able to produce more than 750,000 barrels of oil daily by 2025. 
Energy Department Director, Dr Mark Bynoe had said in a statement, “This continues to be positive news for the people of the Cooperative Republic of Guyana, but the real substance of these finds will come when all Guyanese are able to benefit from these discoveries, whether directly and/or indirectly.”
According to Dr Bynoe, the rate of these discoveries remains well above industry standards and continues to allow for further de-risking of the deep and ultra-deep blocks, but he noted that there is still a substantial way to go before confidently saying one has been de-risked.
“The Department continues to work assiduously with its partner institutions towards setting the requisite framework in place to ensure the benefits from these discoveries redound to the benefit of all Guyanese,” the Director had stated.
Guyana is now home to the world’s biggest new deep-water oil discovery and with ExxonMobil keen on pushing the development of the oil reserves, the US oil giant is expected to commence production early next year.
In the meantime, exploration activity in the Stabroek Block is continuing. The Noble Tom Madden drillship will next drill the Yellowtail-1 well, approximately six miles (10 kilometres) west of Tilapia-1 in the Turbot area while the Stena Caren will return to the Longtail discovery to complete a well test.
Additionally, baseline 4-D seismic data acquisition is also underway.
Exxon noted that there was potential for at least five floating, production, storage and offloading vessels (FPSO) on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.
The Liza Phase 1 development is progressing on schedule and is expected to begin producing up to 120,000 barrels of oil per day in early 2020, utilising the Liza Destiny FPSO.
Furthermore, the Liza Phase 2 is awaiting Government and regulatory approval to use a second FPSO designed to produce up to 220,000 barrels per day. Start-up is expected by mid-2022.
Meanwhile, a third development, Payara, is being planned, with start-up expected as early as 2023.
