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Exxon goes after undiscovered parts of Stabroek Block with three-well campaign
By Kiana Wilburg
ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), is juggling several developments offshore, all of which are aimed at getting billions of dollars in profits as fast as possible.
Map showing the location of the three wells to be drilled in the Stabroek Block in coming months
Along with its Liza Phase Projects, ExxonMobil officials recently announced that they are steaming ahead with plans to drill the undiscovered parts of the Stabroek Block.
Specifically, the Secretary and Vice President for Investor Relations at ExxonMobil, Neil Hansen, told shareholders during the company’s third-quarter earnings call that three wells, Uaru, Mako, and Hassa, are planned for drilling in the upcoming months.
Hansen noted that a fourth drillship is expected soon so that the exploration activity can begin before the fourth quarter ends.
Hansen said that the plans for exploration are a good reflection of the project management capabilities of the company. But even as it deals with all of these activities at a fast pace, Hansen said that company officials still want to ensure they take time to ensure their plans do not compromise the optimisation of value.
The Secretary said, “One of the challenges that we have, given all of the significant exploration success that we’ve had, is m
aking sure that we take the time to optimize the development. We don’t want to rush in a way where we do something we might regret (in) the future.”
The Vice President of Investor Relations added, “So as we have all these new discoveries, we want to make sure we’re optimising the right approach to create value, not only for us, but also for all stakeholders involved.
“And then as you know, on top of that, it’s all the undrilled potential. So we’re trying to balance progressing those developments, while at the same time making sure that we progress what is becoming an even more attractive portfolio of exploration opportunities.”
Pending government approvals, this newspaper understands that ExxonMobil is also eager to start a third oil production field on the Stabroek block called Payara. Furthermore, it is expected to utilise a Floating Production Storage and Offloading (FPSO) vessel with a gross production capacity of 220,000 barrels of oil per day.
If the government grants the required approvals in keeping with the company’s expectations, oil can be produced from Payara as early as 2023.
As it pushes ahead with those plans, ExxonMobil is also conducting appraisals of other wells to determine their productivity, all in an effort to maximise profits for its shareholders as quickly as possible.
Two of these wells include the Ranger Two and Hammerhead.
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