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Guyana: Exxon strikes Oil Again, 8th Well

U.S oil giant ExxonMobil Corporation made its eighth discovery offshore Guyana at the Longtail-1 well, much to the satisfaction of the Government and people of Guyana.
In making the announcement on Wednesday, ExxonMobil disclosed that plans are in the pipeline to bring a third drillship to operate in Guyana’s waters – a move that has received the agreement of the Guyanese Government.

In a statement on Wednesday, ExxonMobil said it encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir at the Longtail-1 well. “The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940 meters) of water. The Stena Carron drillship commenced drilling on May 25, 2018,” the U.S oil company explained, while noting that the discovery is within close proximity to the Turbot discovery southeast of the Liza field.

It is believed that this new discovery creates the potential for additional resource development in the southeast area of the Stabroek Block. President of ExxonMobil Exploration Company Steve Greenlee, however, noted that drilling results from Longtail are under evaluation.

“However, the combined estimated recoverable resources of Turbot and Longtail will exceed 500 million barrels of oil equivalent, and will contribute to the evaluation of development options in this eastern portion of the block,” Greenlee explained.
The discovery will add to the 3.2 billion oil-equivalent barrels which have already been discovered in seven previous reservoirs: Liza, Payara, Liza Deep, Snoek, Turbot, Ranger and Pacora. It was only in February 2018 that the 7th discovery was made in the Pacora-1 well, offshore Guyana. The Pacora-1 well is located about four miles from the Payara-1 well in the Stabroek Block.

In early January, the U.S. oil company had also discovered oil offshore Guyana at its Ranger -1 well, adding to its previous discoveries since 2015. The 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.

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