18TH OFFSHORE OIL DISCOVERY FOUND IN GUYANA AT THE REDTAIL-1 WELL

This new oil find will add to the estimated recoverable resource of more than 8 billion oil- equivalent barrels on the Stabroek Block.
The Government of Guyana welcomes the Redtail discovery and remains committed to the development of Guyana’s Oil and Gas Resources.

This discovery comes in wake of our County’s Budget for the year 2020 and complements the number of progressive measures announced by
The ExxonMobil exploration programme continues to identify high-quality reservoirs in close proximity to previous discoveries. This will play an integral part in our long-term growth plans which will bring significant value to Guyana’s Development.

The Redtail Discovery is an addition to the Liza 1 well, which is in production and has already yielded almost $150 million USD from the three (3) completed lifts with the 4th lift schedule for later this year.

The Liza 2 well is expected to start production in early 2022 from the LIZA Unity Floating Production and Offloading Vessel (FPSO) with a capacity to
produce up to 220,000 barrels of oil per day.

Additionally, upon successful conclusion of the negotiations and approval, PAYARA will follow Liza 1 & 2 with Prosperity FPSO, also producing 220,000 barrels of Oil.

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