ExxonMobil’s only discovery in the Stabroek Block in 2024 – Bluefin is estimated to hold some 500 million barrels of recoverable resources, according to Rystad Energy.
The Bluefin well encountered approximately 197 feet (60 meters) of hydrocarbon-bearing sandstone and was drilled by the Stena Drillmax drillship in 4,244 feet (1,294 meters) of water. Bluefin is located approximately 8.5 kilometers southeast of the Sailfin-1 well, in the southeastern portion of the Block.
Rystad Energy noted that Guyana is currently seeing a “decline” in average volumes discovered per well each year. It said this is “possibly because the superior prospects have already been drilled, and new prospects and their potential resources tend to be smaller”.
Exxon’s best exploration year was 2022 with nine discoveries. S&P data showed that 3.4 billion barrels were yielded from those discoveries. That figure declined to just over 800 million barrels in 2023. Only three discoveries were made that year – Fangtooth SE-1, Lancetfish-1 and Lancetfish-2.
There is still much more area to be explored in the 6.6 million-acre Stabroek Block. The western end is largely unexplored, except for the Ranger discovery, which Exxon plans to appraise this year.
According to Rystad Energy, Guyana’s need to maintain its status as a top producer for decades to come may necessitate “more domestic exploration success in the near future”.
Bluefin added to the over 30 discoveries made in Guyana’s Stabroek Block, by Exxon. The discoveries amount to more than 11.6 billion oil-equivalent barrels.
Exxon has a 45% stake in the block, while Hess (30%) and CNOOC (25%) are its co-venturers.
