Exxon makes ‘significant’ oil discovery at Ranger-1 offshore Guyana

0

US oil major ExxonMobil announced today positive results from its Ranger-1 exploration well, marking the company’s sixth oil discovery offshore Guyana since 2015.

The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.

Sources familiar with the results told OilNOW the discovery could surpass all that which has been made so far, describing it as ‘significant’ but this is yet to be confirmed by ExxonMobil.

The company said its affiliate Esso Exploration and Production Guyana Ltd. began drilling the Ranger-1 well on Nov. 5, 2017 and encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water.

“This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This discovery proves a new play concept for the 6.6 million acre Stabroek Block, and adds further value to our growing Guyana portfolio.”

Following completion of the Ranger-1 well, the Stena Carron drillship will move to the Pacora prospect, 4 miles from the Payara discovery. Additional exploration drilling is planned on the Stabroek Block for 2018, including potential appraisal drilling at the Ranger discovery.

“We are proud to have safely and successfully completed this well through a combination of our technical expertise, relentless commitment to operating in a safe and environmentally responsible manner and the strong relationship with our co-venturers,” Kimberly Brasington, ExxonMobil’s Senior Director, Public and Government Affairs in Guyana told OilNOW Friday.

Following the annoucement from ExxonMobil, the Government of Guyana said the Ministry of Natural Resources (MNR) is particularly pleased that its strategy of engagement with Esso Exploration/CNOOC/Hess and its partners is leading to bountiful discoveries, and overall, the Government is elated that Esso Exploration/CNOOC/Hess remain ahead of their exploration schedule for the entire Stabroek block. MNR expects that other international operators will draw confidence from Esso Exploration/CNOOC/Hess’s presence, and these six finds, and diligently pursue their own exploratory work programmes. Several companies have advanced their seismic data collection and are expected to drill in 2018.

“The government remains committed to all efforts for the safe and efficient development of the offshore Guyana basin,” a statement said.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.