Turbo area will push Guyana reserves far beyond five billion barrels of oil –Exxon Co. President

Feb 08, 2019 News

ExxonMobil’s latest oil discoveries, being the Tilapia-1 and Haimara-1 wells, were found in the Turbo area of the Stabroek. And according to the company’s Executives, the Turbo area is expected to push Guyana’s production well beyond five billion barrels of oil.
Specifically making these and other comments recently was ExxonMobil’s Exploration Co. President, Steve Greenlee.
The Exxon Executive said, “We see a lot of development potential in the Turbot area and continue to prioritize exploration of high-potential prospects here. We expect this area to progress to a major development hub providing substantial value to Guyana, our partners and ExxonMobil.” Greenlee made this comment to online oil and gas media group, Rigzone. (See link for more details https://www.rigzone.com/news/offshore_guyana_partners_hit_more_pay-06-feb-2019-158093-article/)
On January 3, last, the Stena Carron drillship began drilling Haimara-1. It encountered approximately 207 feet (63 meters) of high-quality; gas condensate-bearing sandstone reservoir, ExxonMobil and its partner Hess reported.
The companies pointed out that the well, located approximately 19 miles (31 kilometers) east of the Pluma-1 discovery, reached a depth of 18,289 feet (5,575 meters) in 4,590 feet (1,399 meters) of water and represent a potential new development area.
The next destination for the Stena Carron is the Longtail discovery, where it will complete a well test.

ExxonMobil’s Exploration Co. President, Steve Greenlee.

Spud January 7, last, by the Noble Tom Madden drillship, Tilapia-1 encountered approximately 305 feet (93 meters) of high-quality oil-bearing sandstone reservoir to a depth of 18,786 feet (5,726 meters) in 5,850 feet (1,783 meters) of water, ExxonMobil and Hess noted separately. Tilapia-1 is located approximately 3.4 miles (5.5 kilometers) west of the Longtail-1 discovery, and baseline 4-D seismic data acquisition is underway, they added.
ExxonMobil and Hess contend that Stabroek’s growing resource base, now estimated at more than five billion oil-equivalent barrels, could support at least five floating production storage and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2025.
At that level of output, both companies said that the potential exists for Guyana to produce more than its struggling neighbour – and OPEC member – Venezuela.
Industry analysts, Wood Mackenzie, have also said in its latest analysis that Guyana is among the best basins proven since 2014.

The entity said, “Some of the best basins proven since 2014 have already raced past five billion barrels of oil equivalent resources are Guyana (ExxonMobil), Egypt (Eni), Cyprus (Eni/Total) and Senegal/Mauritania (Cairn and Kosmos/BP).
Each deepwater plays and share that golden characteristic of high value barrels – very high-quality reservoirs.”
Wood Mackenzie warned, however, that these frontiers are at the higher risk end of the exploration spectrum.
“There is likely no infrastructure and not much of a supporting service sector. Prospects need to be chosen with extreme care – big enough to realize economies of scale and able to be developed and brought on stream speedily, whether a discovery is oil or gas.
Fiscal terms and domestic political support can also be very important,” the industry research company said.