In the offshore Stabroek Block, ExxonMobil Guyana announced on Friday that it had discovered oil at the Bluefin well.
The discovery, the company’s first since 2024, signals its continued progress in tapping into Guyana’s oil and gas reserves.
The Stena Drillmax drillship drilled the Bluefin well in 4,244 feet (1,294 meters) of water, and it encountered approximately 197 feet (60 meters) of hydrocarbon-bearing sandstone.
This discovery, located about 8.5 kilometers southeast of the Sailfin-1 well, further strengthens ExxonMobil’s extensive exploration efforts in the Stabroek block.
“Our exploration program continues to improve our understanding of the block’s potential for oil and gas development.
Alistair Routledge, president of ExxonMobil Guyana, said the latest discovery confirms our ability to safely and responsibly deliver value to Guyana using the country’s resources.
Since 2015, more than 30 discoveries have been made on the Stabroek block, highlighting the area’s rich oil potential.
The Bluefin-1 exploration well is strategically located close to the Suriname border, six miles southwest of the Haimara-1 discovery, which is currently being appraised for potential gas development.
With regulatory approval from the Environmental Protection Agency (EPA), ExxonMobil can proceed with plans to drill 35 exploration and appraisal wells over the next few years.
The discovery reaffirms Guyana’s role as a key player in the global energy landscape and underscores ExxonMobil’s commitment to sustainable resource development in the region.
With a daily output of 645,000 barrels of oil, the oil giant continues to exceed expectations.
This operation is spread across three FPSOs – Liza Destiny, Liza Unity, and Prosperity – all of which are operating beyond their nameplate capacities.
Guyana aims to reach 500 million barrels in output by the end of the year, marking a major milestone since the start-up of the Stabroek Block five years ago.
In addition, ExxonMobil plans to drill at least seven wells this year in the offshore Stabroek Block as part of its exploration and appraisal campaign.
About $19 billion of the $29 billion invested has been recouped, leaving $10 billion in outstanding costs.
Upon completion of cost recovery, Guyana’s share of revenues will rise to nearly 52 percent, significantly boosting the country’s oil income.
According to Routledge, ExxonMobil and HESS have made substantial investments in the country since they began operations in 2018.
As part of the Production Sharing Agreements with ExxonMobil Hess, Guyana receives a two percent royalty on pre-cost revenues and 50 percent of profits, with a 75 percent cap on revenues used for cost recovery.
The arrangement has allowed Guyana to earn over US$1 billion so far. While costs are still being recovered, the government typically sees 52 percent of profits, equivalent to 14.5% of revenue.