BREAKING: Exxon strikes more oil
United States based oil giant ExxonMobil has made another oil discover in Guyana, according to the Department of Energy.See below statement from the DOE:Director, Department of Energy, Dr. Mark Bynoe, today, announced that ExxonMobil made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. This well was being drilled by the Tom Madden drillship.This discovery adds to the previously announced estimated recoverable resource of more than six billion oil-equivalent barrels on the Stabroek Block.“This is another major development for the Co-operative Republic of Guyana which, along with 14 other oil discoveries, has the potential to advance the country’s economy and propel it towards impactful and sustained development.The Department of Energy (DE) continues to be encouraged by the prolific rate of discovery of high-quality hydrocarbons offshore Guyana as the discoveries add to the further de-risking of this play type in the deep and ultra-deep zones,” Dr. Bynoe said.The Tripletail-1 well is located approximately three miles (five kilometres) northeast of the Longtail discovery. The well was drilled in 6,572 feet (2,003 meters) of water and encountered approximately 108feet (33 meters) of a high-quality oil-bearing sandstone reservoir.“This discovery is another indication that Guyana’s future is bright. But we can only secure that future through stronger collaboration, an improved legislative environment, and a cohesiveness that is most necessary at this time than at any time in our country’s history. The DE, along with its partner institutions, will continue to work assiduously and efficiently to ensure that we extract the best value from these resources for our nation and people,” the Energy Director said.On completion of the operations at Tripletail, the Noble Tom Madden drillship will next drill the Uaru-1 well, located approximately six miles (10 kilometres) east of the Liza field.With this new find, ExxonMobil is expected to continue to move forward exploration and development activities elsewhere on the Stabroek Block offshore Guyana. The Stena Carron drill ship is currently drilling the Ranger-2 well and upon completion will conduct a well test at Yellowtail-1. The Bible Bod Doglas drillship is currently completing development drilling operations for the Liza Phase 1 project.ExxonMobil will add a fourth drillship, the Noble Don Taylor, in October 2019 as the company continues to optimize its drilling plans, based on well results and the ongoing study of the basin.Previously, ExxonMobil announced plans to have at least five FPSO vessels on the Stabroek Block, which will produce more than 750,000 barrels of oil per day by 2025. The Liza Phase 1 development is on track to start-up by early 2020 and will produce up to 120,000 barrels of oil per day, utilizing the Liza Destiny FPSO.ExxonMobil approves funding for the Liza Phase 2 development after it received Government and regulatory approvals in May 2019.Plans are in train to start-up by mid-2022, using the Liza Unity FPSO to produce up to 220,000 barrels of oil per day.Further, pending Government approvals, a third development, the Payara start-up could be as early as 2023 and production is expected to reach an estimated 220,000 barrels of oil per day.The Stabroek Block is 6.6 million acres (26,800 square kilometres). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 per cent interest.