Tuesday, August 9, 2022

With seven successive hits, Exxon targeting five more wells for 2022 at Stabroek Block

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ExxonMobil’s 2022 campaign in Guyana’s prolific Stabroek Block has been nothing short of exemplary; the oil major and its partners Hess and CNOOC have had seven consecutive discoveries that have all been commercial finds.

And with just five more months left to the year, five more wells are on the cards for exploration. Yarrow is its next target.

Chief Executive Officer (CEO) at Hess Corporation, John Hess, said during a Q2 earnings call on Wednesday that 12 wells are planned in all for 2022. So far, seven wells were drilled for 2022, all being successful discoveries.

“We continue to invest in an active program, with approximately 12 wells planned for the Stabroek Block in 2022. Yesterday [Tuesday], we announced two new discoveries on the block at the Seabob-1 and Kiru-Kiru-1 wells. These discoveries will add to the previously announced gross discovered recoverable resource estimate for the Stabroek Block of approximately 11 billion barrels of oil equivalent – and we continue to see multibillion barrels of future exploration potential remaining,” the Hess CEO disclosed to its investors.

Guyana’s Stabroek Block remains “key” to the company’s strategy. In fact, the CEO referred to it as “the industry’s largest oil province discovered in the last decade”.

Exxon’s current drilling is part of its 25-well exploration campaign, which comes to an end in the second quarter of 2023. A 35-well exploration campaign will begin in the third quarter and will run for five years.

Exxon also has drilling plans for the Canje and Kaieteur Blocks, awaiting regulatory approvals. These campaigns will target 24 prospects.

In all, the major will be drilling over 60 wells through 2028 offshore Guyana.

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