ExxonMobil makes 7th oil discovery offshore Guyana- production 500,000 barrels daily

United States (US) oil giant, ExxonMobil, has found even more oil offshore Guyana but a company spokesman would not be drawn into comment about the amount found.

Spokeswoman, Kimberley Brasington confirmed an announcement earlier Tuesday by Minister of Natural Resources that there has been another major oil find.   

She said the Pacora Well, where the latest oil deposit has been found, is located about four kilometers north-west of Payara well and the rock.

Last month, the company said the Ranger 1 well which contains 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir.

Barring Wednesday morning’s scheduled announcement of the details of Pacora, the company said it has so far found 3.2 billion barrels of oil from six wells at the 6.6 million acre Stabroek Block.

Stena Carron

The Minister of Natural Resources labelled as an “excellent record” the work of the drill-ship, Stena Carron. “We so far have an excellent record and I would like to congratulate the crew of the Stena Carron which has been the ship that has done ninety percent of the discoveries without a day lost or any injury or any man-hours lost and that is commendable and, of course,  it has been done in a very efficient way,” Trotman said in a video release.

ExxonMobil is scheduled to begin commercial oil production from the Liza 1 well offshore Guyana in 2020.

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BREAKING NEWS: New oil discovery to push Guyana’s daily oil production to 500,000 barrels per day

B: Denis Chabrol in Demerara Waves- February 28, 2018

IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM) announced Wednesday its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well.

ExxonMobil encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of water. Drilling commenced on Jan. 29, 2018.

“This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day.”
Initially, ExxonMobil had projected daily output from 2020 at 120,000 barrels per day. Guyana is entitled to 2 percent royalty and 12.5 percent of the overall production which amounts to half of the oil profits.

The Pacora-1 well is located approximately four miles west of the Payara-1 well, and follows previous discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.

Following completion of the Pacora-1 well, the Stena Carron drillship will move to the Liza field to drill the Liza-5 well and complete a well test, which will be used to assess concepts for the Payara development. ExxonMobil announced project sanctioning for the Liza phase one development in June 2017. Following Liza-5, the Stena Carron will conduct additional exploration and appraisal drilling on the block.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). 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 Nexen Petroleum Guyana Limited holds 25 percent interest.

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Comments

  • Rosaliene Bacchus  On February 28, 2018 at 1:44 pm

    More oil. More riches. The future burns bright for Guyana. I should rejoice and be glad, but my heart grows heavier with Exxon-Mobil’s irresponsible drive to suck out all the hydrocarbons from the deep seafloor.

    How ironic that humanity’s use of fossil fuels – the deep-time decay of life – could lead to our own extinction.

    • Mark  On February 28, 2018 at 4:33 pm

      Within 20 years, over 4 Billion barrels of oil will be mined by Exxon-Mobil. The current oil reserves in Guyana is estimated at 3.2 Billion or 4.2 Billion, and it hasn’t been verified as provable oil reserves on credible oil websites.

  • Mark  On February 28, 2018 at 6:36 pm

    This website has updated the oil reserves for Guyana:
    https://www.indexmundi.com/guyana/oil_proved_reserves.html

    I hope that President Granger ensures that the oil revenues will be used for the benefit of all Guyanese. Please don’t cause Guyana to end up in a spiral of corruption and dictatorship messes like other countries which have suffered from the resource curse.

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