Offshore Guyana Estimate Gets Another Upgrade
Exxon Mobil Corp. reported Monday that it made its 10th discovery offshore Guyana. Moreover, it increased its estimate of the discovered recoverable resource for the South American country’s Stabroek Block from more than 4 billion to more than 5 billion oil-equivalent barrels.
The estimate revision stems from further evaluation of previous discoveries and includes a new discovery at the Pluma-1 well, ExxonMobil explained in a written statement emailed to Rigzone.
ExxonMobil has now increased its Stabroek resource estimate twice within the past six months. In July of this year, it reported that it was revising the estimate from 3.2 billion to more than 4 billion oil-equivalent barrels. Given the most recent 5 billion-plus figure, the publicly announced Stabroek estimate has increased by roughly two-thirds since this past summer.
“The discovery of a resource base of more than 5 billion oil-equivalent barrels in less than four years is a testament of our technical expertise and rigorous evaluation and pursuit of high-potential, high-risk opportunities in this frontier area,” noted Neil Chapman, ExxonMobil senior vice president. “We will continue to apply what we’ve learned to identify additional exploration prospects and potential future discoveries that will delivery significant value to Guyanese people, our partners and shareholders.”
According to ExxonMobil, Pluma-1 encountered approximately 121 feet (37 meters) of high-quality hydrocarbon-bearing sandstone reservoir. The well, which the Noble Tom Madden drillship spud Nov. 1, reached a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water, added the supermajor, which owns a 45-percent interest in the Stabroek Block and serves as operator.
“Guyana is a truly world class investment opportunity with multi billion barrels of additional exploration potential,” noted John Hess, CEO of 30-percent Stabroek owner Hess Corp. “The growing resource base on the Stabroek Block further underpins the potential for at least five FPSOs (floating production storage and offloading vessels) producing more than 750,000 barrels of oil per day by 2025.”
CNOOC Nexen Petroleum Guyana Limited holds the remaining 25-percent stake in Stabroek.
Pluma-1 is located approximately 17 miles (27 kilometers) south of the Turbot-1 well, ExxonMobil stated. The company noted that the Noble Tom Madden will next drill the Tilapia-1 prospect, which is located 3.4 miles (5.5 kilometers) west of the Longtail-1 well.
“Together with the government and people of Guyana, we are continuing to grow the value of the Stabroek Block for Guyana, our partners and ExxonMobil with successful exploration investments,” ExxonMobil Exploration Co. President Steve Greenlee stated. “Our ongoing work will evaluate development options in the southeastern portion of the block, potentially combining Pluma with prior Turbot and Longtail discoveries into a major new development area.”
Monday’s announcement comes approximately three months after ExxonMobil announced Hammerhead-1, its ninth discovery in the 6.6 million-acre (26,800-square kilometer) Stabroek Block.
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