ExxonMobil makes first 2024 oil discovery in prolific Stabroek block offshore Guyana

Mitchell Ferman, Bloomberg March 18, 2024

(Bloomberg) – ExxonMobil Corp. says it found new oil in the waters offshore Guyana, the South American nation neighboring Venezuela where major oil discoveries have been made recently.

ExxonMobil's Payara FPSO

The discovery, called Bluefin, in the Stabroek block offshore Guyana is the company’s first new find of 2024. Stabroek is the primary production area of the big discovery Exxon made off Guyana in 2015. Stabroek has been said to hold 11 Bbbl, and Exxon’s speedy development plan means production will double to 1.2 MMbpd by 2027, putting Guyana on par with OPEC member Angola.

The Bluefin well encountered approximately 197 ft (60 m) of hydrocarbon-bearing sandstone and was drilled in 4,244 ft (1,294 m) of water, Exxon said in a statement. Bluefin joins the more than 30 oil discoveries in the Stabroek block since 2015, Exxon added.

Exxon has a 45% stake in Guyana’s oil project and is the operator, while partners Hess Corp. and Cnooc Ltd. have joint stakes. Exxon filed for arbitration to retain preemption rights in a Guyanese oil field, threatening Chevron Corp.’s attempt to acquire a stake via its pending $53 billion takeover of Hess.

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