document: On 27 January 2020, ExxonMobil reported that it has increased its gross recoverable resource estimate for its prolific Stabroek Block, offshore Guyana by 2 Bboe. Total gross recoverable resources are now estimated to be greater than 8 Bboe, rather than the 6 Bboe estimate touted, since 31 July 2019. The latest estimate is based on the results of a total of 15 discoveries. ExxonMobil announced concurrently that it had made its 16th discovery on the block, encountering 29m of high-quality oil-bearing sandstone reservoir with the Uaru 1 well (see related article). This well has not been added to the resource estimate yet. Both Tripletail 1 and Mako 1 have been drilled since the previous resource estimate and will have contributed to the jump in the recoverable resources estimated on the block. Tripletail encountered 33m of high-quality oil-bearing sandstone reservoir in the Turbot area of the block in September 2019 and Mako 1, in December 2019, encountered 50m of high-quality oil-bearing sandstone reservoir around 9.6km south of the Liza 1 discovery. First oil was produced in Guyana on 20 December 2020, with the start up of Liza Phase 1 utilising the "Liza Destiny" Floating Production Storage and Offloading (FPSO) vessel. Production is currently ramping up and will be up to 120,000 bo/d. Lisa Phase 2 is expected by mid-2022, utilising a similar concept with the "Liza Destiny" FPSO having a planned capacity of 220,000 bo/d. ExxonMobil and partners are targeting at least 750,000 bo/d in production and five FSPOs on the Stabroek Block by 2025. The Stabroek Block is operated by ExxonMobil with 45% WI. Hess (30%) and CNOOC (25%) hold the remaining WI. Later this year, ExxonMobil is going to start drilling in Guyana outside of the Stabroek Block, with wells planned on its deepwater Canje and Kaiteur Blocks to the north east of Stabroek. ExxonMobil has applied to Guyana's Environmental Protection Agency for three wells on each block. Tanager 1 is thought to be the key prospect on Kaieteur, with Bulletwood the key prospect on Canje, alongside Jabillo and Sapote.
summary: ExxonMobil reported that it has increased its gross recoverable resource estimate for its prolific Stabroek Block, offshore Guyana by 2 Bboe. Total gross recoverable resources are now estimated to be greater than 8 Bboe, rather than the 6 Bboe estimate touted, since 31 July 2019. The latest estimate is based on the results of a total of 15 discoveries. ExxonMobil announced concurrently that it had made its 16th discovery on the block, encountering 29m of high-quality oil-bearing sandstone reservoir with the Uaru 1 well 