EXXONMOBIL, the international oil and gas company, has announced positive results from its Payara-1 oil well offshore Guyana.
Payara is ExxonMobil's second oil discovery on the Stabroek Block and was drilled in a new reservoir.
The Payara-1 well targeted similar aged reservoirs that were proven successful at the company's Liza discovery.
“This important discovery further establishes the area as a significant exploration province,” said Steve Greenlee, president of ExxonMobil Exploration Company. “We look forward to working with the government and our co-venturers to continue evaluating broader exploration potential on the block and the greater Liza area.”
The well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, and encountered more than 95 feet of high-quality, oil-bearing sandstone reservoirs.
It was safely drilled to 18,080 feet in 6,660 feet of water.
In addition to the Payara discovery, appraisal drilling at Liza-3 has identified an additional high quality, deeper reservoir directly below the Liza field, which is estimated to contain between 100-150 million oil equivalent barrels.
This additional resource is currently being evaluated for development in conjunction with the world-class Liza discovery.