ExxonMobil Announces Seventh Oil Discovery Offshore Guyana
February 28 2018 - 08:00AM
Business Wire
- Pacora-1 well encounters approximately
65 feet of high-quality, oil-bearing sandstone
- High quality resources to be integrated
into giant Payara field development
- Further drilling on the Stabroek Block
planned in 2018
Exxon Mobil Corporation (NYSE:XOM) announced today its seventh
oil discovery offshore Guyana, following drilling at the Pacora-1
exploration well.
ExxonMobil encountered approximately 65 feet (20 meters) of
high-quality, oil-bearing sandstone reservoir. The well was safely
drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067
meters) of water. Drilling commenced on Jan. 29, 2018.
“This latest discovery further increases our confidence in
developing this key area of the Stabroek Block,” said Steve
Greenlee, president of ExxonMobil Exploration Company. “Pacora will
be developed in conjunction with the giant Payara field, and along
with other phases, will help bring Guyana production to more than
500,000 barrels per day.”
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 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
kilometers). 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 Nexen
Petroleum Guyana Limited holds 25 percent interest.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, 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. For more information, visit
www.exxonmobil.com or follow us on Twitter
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Cautionary Statement:
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans and schedules and production rates 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; reservoir performance; the outcome of
future exploration and development efforts; technical or operating
factors; the outcome of future commercial negotiations; and other
factors. References to “resources” and similar terms include
quantities that are not yet classified as proved reserves under SEC
rules but are expected to be ultimately recoverable.
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