Guyana’s oil reserves now approximately 9 billion barrels – Hess

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Guyana oil reserves…..

GPD, TORONTO, Oct. 28, 2020 – Guyana, the small English-speaking country of 780,000 people on the northern shoulder of South America, is now reported to have approximately 9 billion barrels of proven oil reserves, Hess Corporation, a 30-percent partner on the prolific Stabroek Block offshore, reported today.

“Recoverable resources have moved to approximately 9 billion barrels of oil equivalent (boe) for the Stabroek Block offshore Guyana…oil discoveries were announced at the Yellowtail-2 and Redtail-1 wells in September, bringing total discoveries on the Block to 18,” Hess said in its Third Quarter Report.

Except From The Hess Q3 Report Below

   Guyana (Offshore): At the Stabroek Block (Hess – 30%), the Corporation’s net production from the Liza Field, which commenced in December 2019, averaged 19,000 bopd in the third quarter of 2020. During the third quarter, the operator Esso Exploration and Production Guyana Limited continued work to complete the commissioning of the natural gas injection system that should enable the Liza Destiny floating production, storage and offloading vessel (FPSO) to reach its capacity of 120,000 gross bopd in the fourth quarter. Phase 2 of the Liza Field development, which will utilize the Liza Unity FPSO with an expected capacity of 220,000 gross bopd, remains on target to achieve first oil by early 2022. 

     The Corporation announced it had made the final investment decision to proceed with development of the Payara Field on the Stabroek Block after the development plan received approval from the government of Guyana. Payara will utilize the Prosperity FPSO, which will have the capacity to produce up to 220,000 gross bopd and will target an estimated resource base of approximately 600 million barrels of oil. First oil is expected in 2024. Ten drill centers are planned with a total of 41 wells, including 20 production wells and 21 injection wells. Excluding pre-sanction costs and FPSO purchase cost, the Corporation’s net share of development costs is forecast to be approximately $1.8 billion. 

      At the Stabroek Block, the operator announced discoveries at the Yellowtail-2 and Redtail-1 exploration wells. Yellowtail-2, the 17 th discovery on the Block, encountered approximately 69 feet of high quality oil bearing reservoirs adjacent to and below the Yellowtail-1 discovery. Redtail-1, the 18 th discovery on the Block, encountered approximately 232 feet of high quality oil bearing sandstone and is located 1.5 miles northwest of the Yellowtail discovery. The estimate of gross discovered recoverable resources on the Block has been increased to approximately 9 billion boe. 

      Following the completion of appraisal work at the Yellowtail-2 well, the Stena Carron drillship began drilling the Tanager-1 well on the Kaieteur Block, located 46 miles northwest of Liza in August. Tanager-1 drilling operations are ongoing. The #Noble Don Taylor drillship completed the drilling of the Redtail-1 well, and is currently drilling and completing Liza Phase 2 development wells. The other two drillships, the Noble Bob Douglas and the Noble Tom Madden, are drilling and completing Liza Phase 1 and Phase 2 development wells. 

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