GUYANA: OIL: Exxon makes another major oil discovery offshore

ExxonMobil finds more oil at Whiptail

(ExxonMobil image)
(ExxonMobil image)

[Stabroek News -28 July 2021] – ExxonMobil today said it has made an oil discovery at Whiptail in the Stabroek Block offshore Guyana, its 21st major find here and adding to its nine billion barrels of recoverable resources.

In a statement, Exxon said that the Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling, it said, is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling continues at both wells to test deeper targets, and results will be assessed for future development, Exxon said.

The Whiptail discovery is sited approximately 4 miles southeast of the Uaru-1 discovery that was announced in January 2020 and approximately 3 miles west of the Yellowtail field. Whiptail-1 is being drilled in 5,889 feet (1,795 meters) of water by the Stena DrillMAX. Whiptail-2, which is located 3 miles northeast of Whiptail-1, is currently being drilled in 6,217 feet (1,895 meters) of water by the Noble Don Taylor, Exxon said.

“This discovery increases our confidence in the resource size and quality in the southeast area of the Stabroek Block and could form the basis for a future development as we continue to evaluate the best sequence of development opportunities within the block,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.

ExxonMobil says it envisions at least six oil extracting platforms  online by 2027 and sees potential for up to 10 projects to develop its current recoverable resource base.

The Liza Destiny floating production storage and offloading (FPSO) vessel is currently producing about 120,000 barrels of oil per day, the company said.

The startup of Liza Phase 2, it says,  remains on target for early 2022, and the Liza Unity FPSO is expected to sail from Singapore to Guyana in late August 2021. The Unity has a production capacity of approximately 220,000 barrels of oil per day.

The hull for the Prosperity FPSO vessel is complete, and topsides construction activities are ongoing in Singapore with a startup target of 2024, Exxon said today. The first Payara development well was spudded in June 2021, and the offshore SURF installation will begin in 3Q 2021.

Yellowtail has been identified as the fourth prospective development project in the Stabroek Block offshore Guyana with anticipated startup in 2025. Following necessary government approvals and a final investment decision, this project will harvest the Yellowtail and Redtail fields, which are located about 19 miles (30 kilometers) southeast of the Liza developments, and potentially adjacent resources.

These new projects continue to contribute to the advancement of the Guyanese economy, the company said. Exxon says that more than 2,600 Guyanese are now supporting project activities on and offshore, which reflects an increase of more than 20 percent since the end of 2019. ExxonMobil and its key contractors have spent approximately US$388 million with more than 800 local companies since 2015, the release said.
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  • the only  On 07/30/2021 at 1:24 pm

    I cant wait for my people to get back in POWER, more MONEY for WE.

  • brandli62  On 07/31/2021 at 12:17 am

    “The ramp up in offshore developments, WoodMac pointed out, will result in large sums being spent on production equipment outside of Guyana while considerable investment will take place in-country, related to onshore and offshore infrastructure to support the growing oil industry.

    Revenue from royalty and tax started to flow in 2020 and will climb progressively to an annual peak of US$13 billion by 2029 based on WoodMac’s calculations. To date, the country has received over US$340 million in revenue from royalty and oil exports.”

    Link to the full story:

  • Jim  On 09/10/2022 at 8:24 am

    Great news!

    We did an appraisal of the Roraima Block and we have estimated that there might be over 60 billion barrels of oil and gas equivalent barrels as an average estimate, 40 billion barrels for the lower end and 80 billion barrels for the higher end.

    Our hypothesis was that there should be more oil the closer you get to the Orinoco Basin and Trinidad-Tobago.

    Exxon Mobil has a resource estimate of 15 billion barrels of oil & gas so far, and this is further away from Trinidad.

    There may be over 250 billion barrels of oil offshore Guyana.

    • Age  On 09/10/2022 at 10:09 am

      Why do I have a feeling that this is good news for the oil companies, the politicians and the elites, and bad for the average citizen?
      My friend back home told me that Guyanese are paying first world prices and everything is dear. The cheap days done he tell me. This will affect my retirement plans as my pension from CPP is only $1000 a month and my top up is $1000 more from my employer and government old age assistance.

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