ExxonMobil Announces Redtail Discovery Offshore Guyana
September 08 2020 - 8:00AM
Business Wire
- Oil discovery is 18th offshore Guyana; follows discovery at
Yellowtail-2
- Adds to previous estimate of more than 8 billion barrels of
discovered recoverable resource
ExxonMobil has made its 18th discovery offshore Guyana at the
Redtail-1 well which will add to the previously announced estimated
recoverable resource of more than 8 billion oil-equivalent barrels
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,”
said Mike Cousins, senior vice president of exploration and new
ventures at ExxonMobil. “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.”
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.
In addition to the Redtail-1 discovery, drilling at Yellowtail-2
encountered 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.
Approximately 80 Guyanese employees, contractors and
subcontractors took part in Redtail activities offshore, and more
than 2,000 Guyanese and 600 local suppliers are supporting
ExxonMobil’s activities in country. Guyanese staff have completed
more than 350,000 hours of training in Guyana, Brazil, Canada,
Singapore and the United States.
ExxonMobil made the first commercial discovery in Guyana in 2015
and started production in December 2019 from the Liza Destiny
floating production and offloading vessel (FPSO), which can produce
up to 120,000 barrels per day.
ExxonMobil continues to advance the Liza Phase 2 project, which
is expected to startup in 2022 and produce up to 220,000 barrels
per day. Construction activities are underway in Singapore on the
Liza Unity FPSO. A third production vessel for the Payara
development, with production capacity of 220,000 barrels a day, is
on hold pending government approval.
The Stabroek Block is 6.6 million acres (26,800 square
kilometers). ExxonMobil affiliate Esso Exploration and Production
Guyana Limited is operator and holds 45 percent interest in the
Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent
interest and CNOOC Petroleum Guyana Limited, a wholly-owned
subsidiary of CNOOC Limited, holds 25 percent interest.
About ExxonMobil ExxonMobil, one of the largest publicly
traded international energy companies, uses technology and
innovation to help meet the world’s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is one
of the largest refiners and marketers of petroleum products, and
its chemical company is one of the largest in the world. To learn
more, visit exxonmobil.com and the Energy Factor.
Follow us on Twitter and LinkedIn.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans,
schedules, capacities, production rates, and resource recoveries
could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments including obtaining
necessary regulatory permits; reservoir performance; the outcome of
future exploration and development efforts; technical or operating
factors; the outcome of commercial negotiations; unexpected
technological breakthroughs or challenges; and other factors cited
under the caption “Factors Affecting Future Results” on the
Investors page of our website at exxonmobil.com and under Item 1A.
Risk Factors in our annual report on Form 10-K and quarterly
reports on Form 10-Q. References to “recoverable resource,”
“oil-equivalent barrels,” and similar terms in this release include
quantities that are not yet classified as proved reserves under SEC
rules but that are expected to be ultimately recoverable.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200908005316/en/
ExxonMobil Media Relations (972) 940-6007
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2023 to Apr 2024