22 C
Georgetown
Sunday, February 28, 2021

ExxonMobil gunning for more oil at Yellowtail as Guyana foray continues

Must Read

Experts set to discuss Guyana’s gas to power project in OilNOW TV Sunday premiere

A panel discussion on Guyana’s planned gas to power project will premiere on OilNOW TV this evening as part...

Is the world heading for a shortfall in global oil supply?

By Dean Foreman, Chief Economist at American Petroleum Institute It’s possible we could be headed for a shortfall in global oil...

Suriname lines up new shore base port

(Caribbean Maritime) In 2020, amid the worldwide Covid-19-induced economic downturn, Suriname reached second place, only behind Russia, in terms...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Twelve discoveries and more than 5 billion barrels of oil later, US oil major ExxonMobil’s story in Guyana is still being written and analysts believe that more oil lay in the chapters ahead.

Fresh off of its 11th and 12th discoveries announced on Wednesday, the company within weeks will begin a new drill campaign in the Stabroek Block at the Yellowtail prospect located 6 miles west of Tilapia-1 .

“Within the next month or two you will see the Tom Madden moving to the Yellowtail area…We think that is a really good region, a potential for us, and that’s actually where we are doing some 4D seismic to better understand the resource area and look at the potential long-term,” Deedra Moe, Senior Director, Public and Government Affairs, told OilNOW on Wednesday.

Industry analysts Wood Mackenzie and Rystad Energy have said that ExxonMobil’s exploration success rate for commercial discoveries on the Block is an astronomical 82% while the industry average is 35% in general and 20% for frontier regions.

The analysts are confident that the oil major will make more discoveries from approximately 17 targets remaining to be explored on the 6.6 million acres Stabroek Block.

“With 17 prospects still to drill, Stabroek is writing Guyana’s future. It will easily become the fourth largest oil producing nation in Latin America by the next decade, with chances to outperform the countries preceding it. If Venezuela and Mexico fail to address production declines, Guyana could quickly surpass them to number two,” said Luiz Hayum, research analyst with Wood Mackenzie’s Latin America upstream oil and gas team.

1 COMMENT

Latest News

Experts set to discuss Guyana’s gas to power project in OilNOW TV Sunday premiere

A panel discussion on Guyana’s planned gas to power project will premiere on OilNOW TV this evening as part...

Is the world heading for a shortfall in global oil supply?

By Dean Foreman, Chief Economist at American Petroleum Institute It’s possible we could be headed for a shortfall in global oil supply as soon as next...

Suriname lines up new shore base port

(Caribbean Maritime) In 2020, amid the worldwide Covid-19-induced economic downturn, Suriname reached second place, only behind Russia, in terms of discovered oil and gas...

Proposal to have 111 categories of service with high local content targets unrealistic – AMI Co-Director

If Brazil with a population of over 200 million people found it difficult to achieve high or progressive local content targets for 90 categories...

Will oil companies start spending again? Cash generation could hit record levels in 2021

By Simon Flowers - Chairman, Chief Analyst and author of The Edge at Wood Mackenzie This could be the year oil and gas roars back. Tom...

More Articles Like This