ExxonMobil Announces New Oil Discoveries Offshore Guyana
January 12 2017 - 8:30AM
Business Wire
- Payara-1 well encounters more than 95
feet of high-quality, oil-bearing sandstone reservoirs
- Well is located in new reservoir about
10 miles from Liza-1 discovery
- Appraisal drilling at Liza-3 identified
additional high quality, deeper reservoirs below the Liza
field
ExxonMobil announced today positive results from its Payara-1
well offshore Guyana. Payara is ExxonMobil’s second oil discovery
on the Stabroek Block and was drilled in a new reservoir. The
Payara-1 well targeted similar aged reservoirs that were proven
successful at the company’s Liza discovery.
“This important discovery further establishes the area as a
significant exploration province,” said Steve Greenlee, president
of ExxonMobil Exploration Company. “We look forward to working with
the government and our co-venturers to continue evaluating broader
exploration potential on the block and the greater Liza area.”
The well was drilled by ExxonMobil affiliate Esso Exploration
and Production Guyana Limited, and encountered more than 95 feet
(29 meters) of high-quality, oil-bearing sandstone reservoirs. It
was safely drilled to 18,080 feet (5,512 meters) in 6,660 feet
(2,030 meters) of water. The Payara field discovery is about 10
miles (16 km) northwest of the 2015 Liza discovery.
In addition to the Payara discovery, appraisal drilling at
Liza-3 has identified an additional high quality, deeper reservoir
directly below the Liza field, which is estimated to contain
between 100-150 million oil equivalent barrels. This additional
resource is currently being evaluated for development in
conjunction with the world-class Liza discovery.
“These latest exploration successes are examples of ExxonMobil’s
technological capabilities in ultra-deepwater environments, which
will enable effective development of the resource for the benefit
of the people of Guyana and our shareholders,” Greenlee said.
Drilling on Payara began on Nov. 12 with initial total depth
reached on Dec. 2. Two sidetracks have been drilled to rapidly
evaluate the discovery, and a well test is underway to further
evaluate the successful well results. The well data will be
analyzed in the coming months to better determine the full resource
potential.
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 oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is the largest refiner and marketer 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 www.twitter.com/exxonmobil.
CAUTIONARY STATEMENT: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including project plans and schedules 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;
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 “oil equivalent barrels” and similar terms refer
to quantities of oil and gas that are not yet classified as
“proved reserves” under SEC definitions but that we believe may
ultimately be developed and moved into the proved reserve
category.
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