Latest update December 23rd, 2024 3:40 AM
ExxonMobil targeting 36 wells next year offshore Guyana
Kaieteur News – While it awaits approval from the Environmental Protection Agency (EPA) to drill 24 wells evenly across the Kaieteur and Canje oil blocks, operator of the two deepwater concessions, Esso Exploration and Production Guyana Limited (EEPGL), is planning to target another 12 wells, in its oil rich Stabroek Block come next year.
Map showing the latest discoveries on the Stabroek Block
This much was revealed by Hess Corporation which holds a 30 percent working interest in the Stabroek Block.
During Bank of America’s recently held Energy Conference, Hess’ Chief Operating Officer, Greg Hill, noted that the partners have about four and a half years left before its exploration licence comes to an end for the Stabroek Block.
During that time, Hill said, the partners are confident that they have adequate time left to explore and understand the resource base of the block before being required to return no less than 20 percent of the block to the State. It was at this point, he revealed that the partners’ confidence is rooted in the aggressive exploration plan, which Exxon has lined up for next year.
As for his Chief Executive Officer, John Hess, he was thrilled to speak about the massive potential value the company sees for the Stabroek Block.
Hess said, “…we have now made 21 significant discoveries since 2015.”
That estimate was recently increased to 10 billion barrels of oil equivalent resources from the previous nine billion.”
The Hess boss added, “…we continue to see the potential for at least six Floating, Production, Storage and Offloading (FPSOs) vessels producing on a gross basis, greater than 1 million barrels of oil per day by 2027 and up to 10 FPSOs, to develop all discovered resources. So we are planning to have an active exploration and appraisal programme next year, just as we did in 2021.”
Further to this, the CEO said his shareholders and even Executive Members are excited about the Guyana discoveries since they rank among some of the largest of the past decade.
Hess said too, the reservoirs rank among the highest quality in the world, since its sweet composition allows for low carbon emissions while adding that the discoveries carry some of the lowest costs of production.
Taking those crucial points into consideration, the Hess boss said Guyana’s oil will surely be needed 20 years from now.
“And there is going to be a lot of value from that for our shareholders,” expressed the CEO.
He said, there is no doubt that Guyana is truly “a transformational opportunity” for Hess as it allows it to have “unparalleled” growth in profits.
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