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Guyana: The Oil King of the Caribbean-Exxon in 9th oil find-Economic Boom?

AMERICAN oil giant, ExxonMobil has announced its ninth discovery offshore Guyana at the Hammerhead-1 well in the Stabroek Block.

ExxonMobil said the latest discovery marks the fifth on the Stabroek Block in the past year and proves a new play concept for potential development.

Hammerhead-1 encountered approximately 197 feet (60 metres) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 13,862 feet (4,225 metres) depth in 3,373 feet (1,150 metres) of water. The Stena Carron drillship began drilling on July 27, 2018.

“The Hammerhead-1 discovery reinforces the potential of the Guyana basin, where ExxonMobil is already maximising value for all stakeholders through rapid phased developments and accelerated exploration plans,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Development options for Hammerhead will take into account on-going evaluation of reservoir data, including a well test.”

ExxonMobil said Hammerhead-1 is located approximately 13 miles (21 kilometres) southwest of the Liza-1 well and follows previous discoveries on the Stabroek Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora and Longtail.

Those previous discoveries led to the announcement of an estimated recoverable resource of more than 4 billion oil-equivalent barrels discovered to date, and the potential for up to five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels per day by 2025.

The company said there is potential for additional production from significant undrilled targets and plans for rapid exploration and appraisal drilling.

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