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Page added on October 7, 2017

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ExxonMobil ‘Puts Guyana on the Map’ with Discovery

Geology

Exxon Mobil Corp. on Thursday reported its fifth new oil discovery after drilling the Turbot-1 well offshore Guyana with the Stena Carron drillship.

“The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” ExxonMobil Exploration Co. President Steve Greenlee said in a company announcement. “ExxonMobil, along with its partners, will continue to further evaluate opportunities on the Stabroek Block.”

According to ExxonMobil, Turbot is the latest in a string of discoveries in Guyana. Previous discoveries in the South American country include Liza, Payara, Snoek and Liza Deep. The company said that its affiliate Esso Exploration and Production Guyana Ltd. began drilling Turbot-1 on Aug. 14, 2017, and encountered a reservoir of 75 feet (23 meters) of high-quality, oil-bearing sandstone in the primary objective.

According to Wood Mackenzie, the Turbot-1 discovery “puts Guyana on the map” because the country currently produces no oil.

“ExxonMobil continues with its successful exploration campaign offshore Guyana with the discovery of Turbot,” said Pablo Medina, Wood Mackenzie’s senior analyst, Latin America Upstream. “This shows that deepwater can still be attractive. After today’s announcement, ExxonMobil’s Liza and Payara complex might approach the 2 billion barrel mark in commercial reserves.”

Wood Mackenzie expects Guyana to be one of Latin America’s top oil producers by 2026 with approximately 350,000 to 400,000 barrels per day of oil production, noted Medina.

“ExxonMobil’s Latin America footprint has increased significantly with its recent stream of discoveries in Guyana and its aggressive bidding in Brazil’s latest licensing round,” Medina said.

Turbot-1 is located in the southeastern portion of the Stabroek Block roughly 30 miles (50 kilometers) southeast of the Liza phase one project, ExxonMobil stated. Esso Exploration and Production Guyana Ltd. operates the 6.6 million-acre (26,800-square kilometer) Stabroek Block and holds a 45-percent interest in it. Others holding stakes in the acreage include Hess Guyana Exploration Ltd. (30 percent) and CNOOC Nexen Petroleum Guyana Ltd. (25 percent).

ExxonMobil also noted the Stena Carron will move to the Ranger prospect. The company added that it plans to drill an additional well on the Turbot discovery next year.

RIGZONE



3 Comments on "ExxonMobil ‘Puts Guyana on the Map’ with Discovery"

  1. fmr-paultard on Sat, 7th Oct 2017 10:18 am 

    As a former paultard I expressed concern that we can not poison our people with alcohol and still hope to have liberty since obedience to alcohol is slavery.

    You know what the paultards told me. They said alcohol has the positive effect of fomenting revolution.

    Just unbelievable. I enjoy a drink here and there but a beer hall pusch is no no.

    We need the bumpski president Trump. Grab everything else your heart desires but not the bumpski

    We need it to shoot extremist supremacist tard Nazi preachers

  2. rockman on Sat, 7th Oct 2017 12:24 pm 

    And back to the thread. Some semi critical facts about the discoveries: Venezuela claims some/all of the oil belongs to it. I suppose the best chance is thru the international courts since I doubt it can do much militarily. Given the small population of the country hopefully the new wealth “lifts all the boats”:

    “The oil and gas exploration activity by Guyana has been a source of tension with neighboring Venezuela. Back in May 2015, Guyana announced a significant discovery of high quality hydrocarbon reserves, including crude oil, in an offshore concession 120 miles off Guyana. The announcement set off a round of recriminations between Venezuela and its eastern neighbor. Officials in Caracas, which has long had claims on Guyana’s Essequibo region, have alleged that the concession is located in disputed waters.

    Last year, Exxon Mobil announced that they had found a massive offshore column of oil which may hold 700 million barrels or more. The value of that oil dwarfs the roughly $3 billion gross domestic product of Guyana and as Exxon continues development of the well, the small nation is likely looking at a windfall in royalties. For a country of less than a million people, the find changes everything. Within a decade Guyana could be completely transformed by the find going from unpaved roads and sporadic power to being a developed nation.

  3. Sissyfuss on Sat, 7th Oct 2017 2:11 pm 

    No fmrpaultardigrades, they said fermenting alcohol was revolutionary.

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