first_img Drilling at Uaru-2 encountered around 120ft (36.7m) of high-quality oil-bearing reservoirs. (Credit: Keri Jackson from Pixabay) Texas-based oil and gas company ExxonMobil has announced a new oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana.The new discovery at Uaru-2 will add to the previous gross discovered recoverable resource estimate for the block. Currently, it is estimated to contain around 9 billion oil-equivalent barrels.According to ExxonMobil, drilling at Uaru-2 encountered around 120ft (36.7m) of high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery.The well is located nearly 6.8 miles (11km) south of the Uaru-1 well, and was drilled in 5,659ft (1,725m) of water depth.In January 2020, the company announced that Uaru-1 was the 16th discovery in the Stabroek Block, which covers 26,800km2.ExxonMobil exploration and new ventures senior vice president Mike Cousins said: “The Uaru-2 discovery enhances our work to optimally sequence development opportunities in the Stabroek Block.“Progressing our industry-leading investments and well-executed exploration plans are vital in order to continue to develop Guyana’s offshore resources that unlock additional value for the people of Guyana and all stakeholders.”In March 2021, ExxonMobil has secured its sixth drillship, dubbed the Noble Sam Croft, to conduct exploration and evaluation drilling activities offshore Guyana.It has identified Yellowtail as fourth project within the block, which is expected to start up in late 2025, pending government approvals and project sanctioning.The project involves the development of Yellowtail and Redtail fields, which are located about 19 miles (30km) southeast of the Liza developments.ExxonMobil said that at least six projects will be online by 2027.Furthermore, Liza Phase 2 is on track for start-up in 2022, and its 220,000 barrels of oil per day capacity Liza Unity FPSO is set to sail away from Singapore to Guyana later this year.ExxonMobil affiliate Esso Exploration and Production Guyana is operator of the Stabroek Block, with a 45% stake. Hess Guyana Exploration and CNOOC Petroleum Guyana, a wholly-owned subsidiary of CNOOC, hold 30% and 25% stake, respectively. The new discovery will add to the previously announced gross discovered recoverable resource estimate for the Stabroek block last_img read more