…as drillship moves on to Hammerhead -1
With another successful oil discovery under its belt, the ExxonMobil contracted drillship Stena Carron is off to a new target, Hammerhead-1, located nine miles southwest of Liza 1.
The news comes on the heels of ExxonMobil announcing on Wednesday its eight discovery at its latest target Longtail and revealed that combined with the nearby Turbot this would amount to an additional 500 Million barrels of reserves.
ExxonMobil is now accelerating exploration activity with an additional drill rig expected in the next few months. This would mean two engaged in exploration while another rig develops the Liza (1) field set to start production in early 2020.
According to a Department of Public Information (DPI) release, ExxonMobil’s success rate in the Stabroek Block at 80 per cent is the envy of an industry that averages 20-25 per cent.
It currently holds proven reserves of 3.2 Billion barrels and this is sure to climb with the additional discoveries including Ranger where ExxonMobil has signaled its intention to drill an additional well to establish its size.
The eight discoveries to date are as follows Liza, Payara, Liza Deep, Snoek, Turbot, Ranger, Pacora and Longtail.
The Stabroek Block is 6.6 Million acres (26,800 square kilometres) and located approximately 120 miles (193 kilometres) offshore Guyana.
Oil production is planned to begin in early 2020 with revenues for the country expected to be used for transformative development projects soon after.
Local operator ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) is the operator of the Stabroek Block, holding a 45 per cent interest, while Hess Guyana Exploration Ltd. holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.
Confidence
Following the announcement of the 8th discovery on Wednesday, Government issued a statement congratulating the company, stating that this other discovery is an “unmistakable demonstration” of its confidence in Guyana’s offshore reserves.
Natural Resources Minister Raphael Trotman said the 8th discovery at Longtail-1 is yet another verification and validation of Guyana’s massive offshore oil reserves.
“All Guyanese will be brimming with further excitement of this historic news which reinforces that in the near future, Guyana’s share of profit oil will allow for national infrastructural, economic and social transformation hitherto unimaginable,” he added.
Further to that, Trotman said Guyanese have the assurance that Government will ensure that the sector is managed responsibly, with their best interest and the interest of future generations in mind.
