Guyana: ExxonMobil discovers two more reservoirs in offshore oilfields

Exxon-Mobil- Deep Water Champion Oil Exploration Rig

CMC, –Added 30 July 2020

This was reported on July29, and confirms that recent drilling operations to appraise the size of a previous discovery had identified two additional high-quality reservoirs.         

As a result of novel coronavirus (COVID-19), travel restrictions in Guyana had forced ExxonMobil to temporarily idle two drillships in the country’s waters. However, the oil company had resumed drilling operations by the end of the second quarter.

“The Stena Carron rig recently completed appraisal drilling at Yellowtail-2, located 1 mile southeast of Yellowtail-1. The well-identified two additional high-quality reservoirs, one adjacent to, and the other below the Yellowtail Field, further demonstrating the world-class quality of this basin.

“This additional resource is currently being evaluated and will help form the basis for potential future development,” Hess said in its quarterly report.

In July, the Noble Don Taylor drillship began drilling off the Redtail exploration well, which is 1.25 miles northwest of the Yellowtail-1 discovery. The other two drillships, the Noble Bob Douglas and the Noble Tom Madden are drilling and completing Liza Phase 1 and Phase 2 development wells.

Meanwhile, the Inter-American Development Bank (IDB) has stated that despite the current circumstances due to the global pandemic, local political situation and fall in oil prices earlier this year, Guyana’s outlook remains positive due to the volume of expected oil production.

In its Caribbean Quarterly Bulletin report, the IDB noted that while the decline in oil prices have contributed to updated estimates for Guyanese oil exports, government revenues, and GDP growth, the revised figures still show a remarkable growth for the industry. (CMC)

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Comments

  • Peter Willeflashman  On July 31, 2020 at 2:09 pm

    It is passing strange that Exxon’s, declared extractable oil figures, have basically been stagnent since, its only one increase, from 6 to 8 billion barrels discovered, when they have discovered far more excellent finds,than the amount d,eclared at 6 billion barrels, way back. Maybe their Chinese partners leaked figures of 13 to 15 billion discovered barrels to date, before these last two discovies,is more accurate.
    The USA and Exxon, do not want to disclose how enormous,this Guyana/Suriname basin really is, and how vital the economic impact, of this huge new oil find is,to the USA’s national security. They think we are putty in their hands, because of the third world, naive and perhaps corrupt, manner, of our government’s politicians, and those of the opposition,that they have,and will have to negotiate with, in the past, now,and in the future. The USA is wrong however, they are in fact putty in our hands, if we had bright and dedidicated Guyanese,at the helm of our nation.
    Their public outrage of our election’s impasse,is going well as planned, in their divide and conquer, old, and well used, CIA devised playbook of action, since way back in the last century, and has remained the staple of many elected Presidents, and governments of the USA.

    • Brother Man  On August 1, 2020 at 1:00 pm

      The US is putty. “… if we had bright and dedicated Guyanese at the helm of our nation.” Peter W.

      Correct. Lousy third-world governments at the helm in Georgetown over the past half century have scared off the bulk of Guyana’s best and brightest sons and daughters to foreign lands, the cupboard is bare.

      Look at the endless kangaroo court battles going on now five months and counting, not to mention the instability.

      Brother Man

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