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Wednesday, July 28, 2021

Multiple wells under drill bit at Stabroek Block as explorers look to identify 5th and 6th developments

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The planned exploration and appraisal drilling campaigns offshore Guyana are now in high gear with forays set to start and others ongoing at multiple wells in the 6.6 million acres Stabroek Block.

OilNOW understands that the Stabroek Block exploration programme for the remainder of the year will focus on both Campanian Liza type reservoirs and on the deeper Santonian reservoirs. Additionally, key appraisal activities will be targeted in the southeast portion of the block to inform future developments.

“The Stena DrillMAX is currently appraising the Longtail discovery and additional appraisal was planned at Mako and in the Turbot area, which will help to find our fifth and sixth developments on the block,” Greg Hill, Chief Operations Officer of Hess Corporation told investors on Wednesday during the company’s Q1 2021 earnings call. “The Stena Carron has commenced exploration drilling at the Koebi-1 well and an exploration well at Whiptail is planned to spud in May.”

Exxon confirms Yellowtail as 4th development being targeted at Stabroek Block

Hill confirmed that further exploration and appraisal activities are planned for the second half of 2021 with a total of approximately 12 wells to be drilled this year.

The low cost of supply and industry leading financial returns remain a top priority for the Stabroek Block co-venturers and the Guyana government who are both looking to maximise returns from the country’s prolific oil wells. This is seeing a ramp up in field development as the country aims to hit the 1 million barrels per day mark by 2027.

Guyana President confirms major ramp up coming in ExxonMobil’s oil production operations

The Liza Phase 2 development is on track to achieve first oil in early 2022 with a capacity of 220,000 gross barrels of oil per day. The third oil development on the block at Payara is expected to achieve first oil in 2024, also with a capacity of 220,000 gross barrels of oil per day. Engineering work for a fourth development on the block at Yellowtail is underway with anticipated startup in 2025, pending government approvals and project sanctioning.

Guyana could soon rake in US$80M for each oil lift as Goldman projects biggest jump in global demand

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