Tuesday, December 6, 2022

Hess says high quality oil found at Uaru with potential for massive reservoir

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In a bid to optimize the sequence of development opportunities at the prolific Stabroek Block, ExxonMobil and Stabroek Block co-venturers Hess and CNOOC are looking to fast track field development where high-quality oil is found in large reservoirs, similar to the world class Liza discovery that catapulted Guyana into the league of oil producing nations.

To test the different play types, reservoir size and quality, an aggressive appraisal and exploration drilling campaign has been ongoing resulting in more hydrocarbon resources being found close to previous discoveries.

Just this week, ExxonMobil said drilling at the Uaru-2 well encountered approximately 120 feet (36.7 meters) of high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well was drilled in 5,659 feet (1,725 meters) of water and is located approximately 6.8 miles (11 kilometers) south of the Uaru-1 well.

“I think, the most significant part about Uaru was that it was 6.8 miles from Uaru-1, which demonstrates a very large areal extent for the Uaru reservoir itself,” Greg Hill, Chief Operations Officer of Hess Corporation told investors on Wednesday during the company’s Q1 2021 earnings call. CEO John Hess later added that the short distance between the Uaru-1 and 2 shows the potential for “large aerial extent of a highly prolific quality reservoir.”

The Uaru-1 discovery, announced in January 2020, had encountered approximately 94 feet (29 meters) of high-quality oil-bearing sandstone reservoir and was drilled in 6,342 feet (1,933 meters) of water.

The discovery of more hydrocarbon resources in the Uaru area is similar to the identification of two additional high-quality hydrocarbon-bearing reservoirs, one adjacent to, and the other below the Yellowtail field, announced in July 2020.

In announcing the Uaru-2 discovery this week, ExxonMobil also confirmed that it will be pursuing its fourth development in the Yellowtail area which is located 19 miles (30 kilometers) southeast of the Liza developments.

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