ExxonMobil going deeper for sweet oil in Stabroek Block

Nov 01, 2022 News

Kaieteur News – ExxonMobil Corporation is hoping to tally additional oil strikes in the Stabroek Block for the fourth quarter of 2022 with new exploration wells targeting deeper sands.

Making this revelation was its partner in the offshore concession, Hess Corporation. The company said the new exploration wells will be at Fish-1, Fish-2 and Lancetfish-1. Hess Corporation’s Chief Executive Officer (CEO), John Hess recently advised the market that Lancetfish is east of its Fangtooth discovery made in January, 2022. Additionally, it was noted that Lancetfish is tucked close to the Liza field, about three miles west of the Liza-1 well to be exact and is targeting deep sands that underlie that Liza complex.

Hess said Fish-1 and Fish-2 are a reasonable distance to the West and Northwest of Fangtooth. “So, there’s a lot of prospectivity to come. As we get more success in finding these deeper horizons, our ability to correlate the seismic new prospects are lighting up. Hopefully in the next six months we’ll be able to give updates on that,” the Hess Boss noted.

Hess Officials were also keen to note that the deep sands in Stabroek are very promising, adding that Exxon will certainly be encouraged to continue its exploration programme in the deeper plains.

Exxon’s latest discoveries in the Stabroek Block were at Sailfin-1 and Yarrow-1.

Thus far, two floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — have exceeded their initial combined production target of 340,000 barrels of oil per day.

A third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is approximately five months ahead of schedule with start-up likely before year-end 2023.

The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.

Guyana’s 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 percent interest in the block. Hess Guyana Exploration Ltd. holds 30 percent interest, and CNOOC Petroleum Guyana Limited holds 25 percent interest.

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