Friday, May 20, 2022

Exxon is 5 for 5 offshore Guyana with success rate now exceeding 90%

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ExxonMobil has entered the new year with huge success off the coast of Guyana, delivering five discoveries from five attempts at hitting commercial crude in the block that keeps on giving. The company also increased its recoverable resource estimate at Stabroek Block to nearly 11 billion oil equivalent barrels, with massive exploration potential remaining.

The oil major announced a triple win on Tuesday with discoveries at Barreleye-1, Patwa-1 and Lukanani-1, all wells named after fish found at the prolific Stabroek Block.  Barreleye-1 encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone, while Patwa-1 encountered 108 feet (33 meters) and Lukanani-1 well encountered 115 feet (35 meters). The three discoveries follow two announced in January at Fangtooth-1 and Lau Lau-1. Fangtooth-1 encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs while Lau Lau-1 well encountered approximately 315 feet (96 meters).

Company officials and Guyanese authorities are ecstatic at the unprecedented rate of success the oil major has had in the country since 2015.

“These discoveries and the updated resource estimate increase the confidence we have in our ambitious exploration strategy for the Stabroek Block and will help to inform our future development plans for the southeast part of the block,” said Liam Mallon, president of ExxonMobil Upstream Company.

President of ExxonMobil Guyana, Alistair Routledge said 5 for 5 so far this year and the company’s overall success in the country which has seen the recoverable resource estimate increase to almost 11 billion barrels, is a truly remarkable story.

“It supports the chain of projects that we are bringing forward. It takes time for us to mature the resource into these projects, but the discovery process is continuing to happen,” he said.

Guyanese geoscientist Ashlika Persaud scores three discoveries at Stabroek Block

In a comment via LinkedIn on Tuesday, John Ardill, Vice President at ExxonMobil said “excitement and optimism is the mood” within the company’s exploration team these days.

“We’ve just announced three new discoveries offshore Guyana, adding to two discoveries earlier in 2022. That’s five for five this year,” Ardill said, noting, “Our exploration success rate on the Guyana Stabroek block is more than 90 percent and validates our ambitious exploration strategy.”

In another post, Matthew Chandler, Guyana & Suriname Exploration Manager at ExxonMobil said, “After over 50 years of unsuccessful offshore exploration in the Basin, this team has discovered nearly 11 billion barrels of oil equivalent resource in just 7 years!”

Meanwhile, Guyana’s Minister of Natural Resources, Vickram Bharrat said the new discoveries add to the country’s growing legacy as an oil-producing and exporting nation with light sweet crude.

‘Unity Gold’ lighter and sweeter than other carbon-intensive blends in Latin America – Platts

This, he said, will catalyse the ‘One Guyana’ goal of enhanced infrastructure, world-class health care, and education, realising a higher standard of living and better quality of life for all Guyanese.

Oil Minister says “thriving future for generations ahead” as Exxon announces three new discoveries

‘The Government of Guyana remains vigilant and committed to ensuring the benefits of Guyana’s petroleum resources benefit all Guyanese paving the way for a thriving future for generations ahead,” Mr. Bharrat said.

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

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