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4-Traders Homepage  >  Equities  >  Nyse  >  Exxon Mobil Corporation    XOM

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Exxon Mobil : ExxonMobil, Partners Make Fifth Discovery Offshore Guyana

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10/06/2017 | 12:14pm CEST

Sandstone below water offshore Guyana keeps on giving for ExxonMobil and its partners, which have made a fifth discovery in the prolific 26,800-sq-km Stabroek Block.

Drilled about 50 km (30 miles) from the play-opening Liza, the major said its latest wellTurbot-1hit 23 m (75 ft) of high-quality, oil-bearing sandstone. The well, drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd., is in the southeast part of the block and was drilled to 5,622 m (18,445 ft) in a water depth of 1,802 m (5,912 ft).

The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana, Steve Greenlee, president of ExxonMobil Exploration Co., said in a news release. ExxonMobil, along with its partners, will continue to further evaluate opportunities on the Stabroek Block.

The company said it plans to drill another Turbot well in 2018. The latest discovery adds to ExxonMobils winning streak following the Liza, Payara, Snoek and Liza Deep discoveriesall of which are located on the Stabroek Block.

Offshore Guyana continues to be a beacon of light for the industrys exploration sector and a growth engine for the small South American country nestled between oil-rich Brazil and Venezuela and Suriname, where interest is also picking up given nearby finds in the North Atlantic.

Pablo Medina, Wood Mackenzies senior analyst, Latin America Upstream, said ExxonMobils successful exploration campaign offshore Guyana shows deepwater can still be attractive.

After todays announcement, ExxonMobils Liza and Payara complex might approach the 2 billion barrel mark in commercial reserves, Medina said in a statement.

This discovery also puts Guyana on the map as the country currently does not produce any oil, he added. We expect around 350,000-400,000 bbl/d of oil production by 2026, making Guyana one of top oil producers in Latin America.

In July, ExxonMobil increased the estimated gross recoverable resources for the Stabroek Block to between 2.25 Bboe and 2.75 Bboe. This followed news that the Payara-2 well hit 18 m (59 ft) of oil in the Payara Field. The Payara Field is 20 km (12 miles) northwest of the Liza phase 1 project, which secured funding earlier this year.

As part of the more than $4.4 billion Phase 1 project, the company said it will use a subsea production system and an FPSO vessel to develop about 450 MMbbl of oil. SBM Offshore landed the contract to construct, install, lease and operate the converted very large crude carrier FPSO unit that will be spread moored in a water depth of 1,525 m (5,003 ft).

Keppel Offshore & Marine subsidiary Keppel Shipyard Inc. said on Oct. 5 that SBM Offshore has awarded the shipyard the conversion contract for the FPSO vessel. The workscope includes refurbishment and life extension works such as the upgrading of living quarters, fabrication and installation of spread mooring systems, Keppel said. Work also includes installation and integration of topside modules.

The shipyard said the vessel will have a storage capacity of 1.6 MMbbl of crude, a gas treatment capacity of about 170 million standard cubic feet per day and a water injection capacity of about 200,000 bbl/d of water. The converted FPSO will be capable of producing up to 120,000 bbl/d.

Liza Phase 1 development plans also include four drill centers with eight production wells, six water injection wells and three gas injection wells.

Esso E&P Guyana is the operator in the Stabroek Block and holds a 45% interest. Partners are Hess Guyana Exploration Ltd.CNOOC Nexen Petroleum Guyana Ltd, respectively holding 30% and 25% interests.

(c) 2017 Saudi Research and Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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