ExxonMobil Announces 13th Discovery Offshore Guyana
18 Abril 2019 - 5:00PM
Business Wire
- Oil discovery at Yellowtail-1 well is
fifth discovery in Turbot area
- Turbot area expected to become major
development hub
- Adds to previously estimated 5.5
billion barrels of discovered recoverable resource
ExxonMobil said today it made a new oil discovery offshore
Guyana at the Yellowtail-1 well, marking the 13th discovery on the
Stabroek Block. The discovery adds to the previously announced
estimated recoverable resource of approximately 5.5 billion
oil-equivalent barrels on the Stabroek Block. Yellowtail-1 is the
fifth discovery in the Turbot area, which ExxonMobil expects to
become a major development hub.
“Similar to the Liza area, successive discoveries in the Turbot
area have continuously grown its shared value,” said Mike Cousins,
senior vice president of ExxonMobil Exploration and New Ventures.
“Our success here can be attributed to our industry-leading
upstream capabilities, the strength of our partnerships and our
ongoing commitment to growing Guyana’s offshore potential.”
Yellowtail-1 encountered approximately 292 feet (89 meters) of
high-quality oil bearing sandstone reservoir and was drilled to a
depth of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of
water. The well is located approximately 6 miles (10 kilometers)
northwest of the Tilapia discovery. The Noble Tom Madden began
drilling the Yellowtail well on March 27. It will next drill the
Hammerhead-2 well.
Exploration and development activities continue at other
locations on the Stabroek Block. The Stena Carron is currently
completing a well test at the Longtail-1 discovery and upon
completion will next drill the Hammerhead-3 well. Later in 2019,
the Stena Carron will drill a second well at the Ranger discovery.
The Noble Bob Douglas drillship is currently completing development
drilling operations for the Liza Phase 1 development. ExxonMobil is
also evaluating plans to add another exploration drillship,
bringing the number of drillships offshore Guyana to four.
ExxonMobil has previously said there is potential for at least
five floating production, storage and offloading (FPSO) vessels on
the Stabroek Block producing more than 750,000 barrels of oil per
day by 2025. Startup of the Liza Phase 1 development is on track to
begin by the first quarter of 2020 and will produce up to 120,000
barrels of oil per day utilizing the Liza Destiny FPSO, which is
expected to arrive in country in the third quarter.
Liza Phase 2 is expected to startup by mid-2022. A final
investment decision is expected soon subject to government and
regulatory approvals. Upon approval, the project plans to use the
Liza Unity FPSO to produce up to 220,000 barrels per day.
Sanctioning of a third development, Payara, is also expected in
2019, with startup projected for 2023.
The Stabroek Block is 6.6 million acres (26,800 square
kilometers). ExxonMobil affiliate Esso Exploration and Production
Guyana Limited is operator and holds 45 percent interest in the
Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent
interest and CNOOC Petroleum Guyana Limited, a wholly-owned
subsidiary of CNOOC Limited, holds 25 percent interest.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans,
schedules, capacities, and resource recoveries could differ
materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; political
or regulatory developments including obtaining necessary regulatory
permits; reservoir performance; the outcome of future exploration
and development efforts; technical or operating factors; the
outcome of commercial negotiations; and other factors cited under
the caption “Factors Affecting Future Results” on the Investors
page of our website at exxonmobil.com. References to “recoverable
resource” and similar terms in this release include quantities that
are not yet classified as proved reserves under SEC rules but that
are expected to be ultimately recoverable.
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