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EXXONMOBIL REPORTS TWO FURTHER OIL FINDS OFF THE COAST OF GUYANA.

ExxonMobil has added two new development opportunities to its broad portfolio with the announcement of two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore of Guyana. Since 2015, ExxonMobil has made more than 30 new finds. The Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was drilled in 4,616 feet (1,407 meters) of water. The Yarrow-1 well encountered approximately 75 feet (23 meters) of hydrocarbon-bearing sandstone and was drilled in 3,560 feet (1,085 meters) of water. Both wells were drilled by the Stena Carron drillship. The Liza Phase 1 and Phase 2 offshore Guyana projects, which were the company's first two approved projects, produced an average of around 360,000 barrels of oil per day in the third quarter. 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 pursuing environmental authorization. ExxonMobil expects Guyana's oil production potential would surpass one million barrels per day by the end of the decade. “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.

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