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Exxon Hits More Oil Pay Offshore Guyana

Matthew V. Veazey
·2 mins read
Exxon Hits More Oil Pay Offshore Guyana
Exxon Hits More Oil Pay Offshore Guyana

This article was first published on Rigzone here

Exxon Mobil Corp. (NYSE: XOM) reported Tuesday that it has made its 18th discovery offshore Guyana at the Redtail-1 well, located on the Stabroek Block.

“Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing efficient opportunities for new projects in Guyana,” remarked Mike Cousins, ExxonMobil’s senior vice president of exploration and new ventures, in a written statement. “Developing these projects remains an integral part of ExxonMobil and our co-venturers’ long-term growth plans and a source of significant value for Guyana.

According to ExxonMobil, Redtail-1 encountered approximately 232 feet (70 meters) of high-quality oil-bearing sandstone and was drilled in 6,164 feet (1,878 meters) of water. The well is located approximately 1.5 miles (2.5 kilometers) northwest of the Yellowtail discovery, the supermajor noted.

ExxonMobil also revealed Tuesday that drilling at Yellowtail-2 hit 69 feet (21 meters) of net pay in newly identified, high-quality oil-bearing reservoirs among the original Yellowtail-1 discovery intervals.

“This resource is currently being evaluated for development in conjunction with nearby discoveries,” the company stated.

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ExxonMobil affiliate Esso Exploration and Production Guyana Limited operates the 6.6 million-acre (26,800-square-kilometer) Stabroek Block and holds a 45-percent interest in it. Its co-venturers include Hess Guyana Exploration Ltd. (30 percent) and CNOOC Petroleum Guyana Limited (25 percent).

“The Redtail-1 and Yellowtail-2 discoveries further demonstrate the significant exploration potential of the Stabroek Block and will add to the recoverable resource estimate of more than 8 billion barrels of oil equivalent,” John Hess, CEO of Hess Corp. (NYSE: HES), commented in a separate written statement. “Redtail is the ninth discovery in the southeast area of the block which we expect will undergo future development.”

ExxonMobil pointed out that approximately 80 Guyanese employees, contractors and subcontractors participated in Redtail activities offshore. It added that more than 2,000 Guyanese and 600 local suppliers are supporting its activities in the South American country.

To contact the author, email mveazey@rigzone.com.

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