PRESIDENT of ExxonMobil Exploration Company, Steve Greenlee, said the new discovery of oil at the Pacora well will be developed in conjunction with the Payara field and other phases to help bring Guyana’s production to more than 500,000 barrels per day.
According to a report from the BUSINESS WIRE, Exxon Mobil Corporation (NYSE:XOM), the company and its exploration partners HESS and CNOOC Nexen have discovered 65 feet (20 metres) of high-quality, oil-bearing sandstone reservoir at the Pacora-1 exploration well.
ExxonMobil reported that the well was safely drilled to 18,363 feet (5,597 metres) depth in 6,781 feet (2,067 metres) of water. Drilling commenced on January 29, 2018.
Initially, the company had projected daily output at 120,000 barrels per day from 2020.
“This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Greenlee in the report.
The Pacora-1 well is located approximately four miles west of the Payara-1 well and follows previous discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.
Following completion of the Pacora-1 well, the report indicated that the Stena Carron drillship will move to the Liza field to drill the Liza-5 well and complete a well test, which will be used to assess concepts for the Payara development.
ExxonMobil announced project-sanctioning for the Liza phase one development in June, 2017. Following Liza-5, the Stena Carron will conduct additional exploration and appraisal drilling on the block.
The Stabroek Block is 6.6 million acres (26,800 square kilometres). Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.
Early January, the U.S. oil company announced its sixth oil discovery offshore Guyana, adding to its previous discoveries since 2015.
The company said its Ranger -1 well encountered approximately 230 feet of high-quality, oil-bearing reservoir, located some 60 miles northwest of its Liza phase one project within the Stabroek Block.
“To date we have overseen the drilling of seven wells by Exxon, six of which have borne fruit, one has not. So far we have an excellent record,” said the Minister of Natural Resources, Raphael Trotman, who congratulated the crew on the Stena Carron drillship.
In a recent report, he said the Stena Carron has done about 90 per cent of the discoveries without a day lost or any injuries or lost man hours.