Exxon Makes Oil Discovery in Stabroek Block Offshore Guyana
April 27 2021 - 9:55AM
Dow Jones News
By Michael Dabaie
Exxon Mobil said Tuesday it made an oil discovery at the Uaru-2
well in the Stabroek Block offshore Guyana.
Uaru-2 will add to the previously announced gross discovered
recoverable resource estimate for the block, which is currently
estimated to be about 9 billion oil-equivalent barrels.
The company said that drilling at Uaru-2 encountered about 120
feet of high quality oil bearing reservoirs including newly
identified intervals below the original Uaru-1 discovery. The well
was drilled in 5,659 feet of water and is located about 6.8 miles
south of the Uaru-1 well.
"The Uaru-2 discovery enhances our work to optimally sequence
development opportunities in the Stabroek Block," said Mike
Cousins, senior vice president of exploration and new ventures at
Exxon.
Exxon said it anticipates at least six projects online by 2027
and sees potential for up to 10 floating production storage and
offloading vessels to develop its current recoverable resource
balance.
The Stabroek Block is 6.6 million acres. Exxon affiliate Esso
Exploration and Production Guyana Limited is operator and holds 45%
interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds
30% interest and CNOOC Petroleum Guyana Limited, a wholly-owned
subsidiary of CNOOC Limited, holds 25% interest.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 27, 2021 09:40 ET (13:40 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From Apr 2024 to May 2024
Exxon Mobil (NYSE:XOM)
Historical Stock Chart
From May 2023 to May 2024