ExxonMobil announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore of Guyana, which will be a significant contribution to the company’s extensive portfolio.

Since 2015, ExxonMobil has generated more than 30 new discoveries, and it has accelerated offshore development and production at a rate that is far faster than the industry standard.

“Our unrivaled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities and steadfast focus on optimizing all aspects of operations,” said Liam Mallon, president of ExxonMobil Upstream Company. “We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable and lower-emission energy. Our investments through the pandemic have allowed us to increase supply at this critical time, while creating value for the people of Guyana, our partners and shareholders.”

The Sailfin-1 well was bored in 4,616 feet (1,407 meters) of water and reached a depth of roughly 312 feet (95 meters) of hydrocarbon-bearing sandstone. The Yarrow-1 well was bored in 3,560 feet (1,085 meters) of water and reached a depth of roughly 75 feet (23 meters) of hydrocarbon-bearing sandstone. The Stena Carron drillship was used to drill both wells.

The first two offshore Guyana projects approved by ExxonMobil, Liza Phase 1 and Liza Phase 2, are currently producing more oil than expected and averaged around 360,000 barrels per day on a daily basis in the third quarter. A third project, Payara, a third project, is anticipated to launch by the end of 2023, while Yellowtail, a fourth project, is anticipated to launch in 2025. For its fifth project, Uaru, ExxonMobil is now seeking environmental authorization. ExxonMobil anticipates that Guyana’s oil production potential would surpass one million barrels per day by the end of the decade.

The Stabroek block in Guyana covers 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited, an unit of ExxonMobil, is the block’s operator and has a 45% interest in it. 30% of the equity is held by Hess Guyana Exploration Ltd., while 25% is held by CNOOC Petroleum Guyana Limited.