Exxon Mobil Corp. on Friday reported positive test results from its Ranger-1 exploration well, marking its sixth oil discovery offshore Guyana since 2015.
“This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities,” ExxonMobil Exploration Co. President Steve Greenlee said in a written statement. “This discovery proves a new play concept for the 6.6 million acre Stabroek Block, and adds further value to our growing Guyana portfolio.”
The Ranger-1 well discovery follows other world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which together hold an estimated 3.2 billion recoverable oil-equivalent barrels, ExxonMobil stated. The company said that its affiliate, Esso Exploration and Production Guyana Ltd., began drilling Ranger-1 on Nov. 5, 2017, and encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. Ranger-1 was drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water, the company added.
Once the Stena Carron drillship completes the Ranger-1 well, it will move to the Pacora prospect 4 miles from the Payara discovery, ExxonMobil continued. The company noted that it plans additional exploration drilling on the Stabroek Block for 2018, including potential appraisal drilling at the Ranger discovery.
Esso Exploration and Production Guyana Ltd. is operator and holds a 45-percent interest in the Stabroek Block, which encompasses 6.6 million acres (26,800 square kilometers). Hess Guyana Exploration Ltd. and CNOOC Nexen Petroleum Guyana Ltd. hold 30-percent and 25-percent stakes, respectively.
“The Ranger oil discovery demonstrates that the petroleum system is working in a new geologic play in the Guyana Basin more than 60 miles northwest of Liza, and reaffirms the extraordinary exploration potential of the Stabroek Block,” Hess Corp. CEO John Hess said in a separate announcement Friday. “We believe the investment opportunity in Guyana offers industry-leading financial returns and will create significant value for our shareholders for many years to come.”