ExxonMobil Increases Stabroek Resource Estimate to Approximately 10 Billion Barrels
October 07 2021 - 8:27AM
Business Wire
- New discovery at Cataback builds confidence in the greater
Turbot area
- Recent discoveries further enhance the development potential of
the Stabroek Block
- More than 2,850 Guyanese supporting overall activities in
country
ExxonMobil increased its
estimate of the discovered recoverable resource for the Stabroek
Block offshore Guyana to approximately 10 billion oil-equivalent
barrels.
The updated resource estimate includes a new discovery at the
Cataback-1 well, which brings the total significant discoveries to
more than 20 within the Stabroek Block. The Cataback-1 well
encountered 243 feet (74 meters) of net pay in high quality
hydrocarbon bearing sandstone reservoirs. It is located
approximately 3.7 miles (6 kilometers) east of Turbot-1 and was
drilled in 5,928 feet (1,807 meters) of water by the Noble Tom
Madden.
“This discovery adds to the resource in the Turbot/Tripletail
area, enhancing the development project potential,” said Mike
Cousins, senior vice president of exploration and new ventures at
ExxonMobil. “Our proprietary technologies, global exploration
experience and drilling capabilities continue to yield positive
results in the Stabroek Block, which will generate additional value
for Guyana.”
ExxonMobil’s recent discoveries and ongoing projects continue to
contribute to the advancement of the Guyanese economy, with more
than 2,850 Guyanese now supporting the company’s project
activities. ExxonMobil and its key contractors have spent over $480
million with more than 800 Guyanese vendors since 2015.
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 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.
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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,
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 efforts; timely completion of development and
construction projects; 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 resources,” “oil-equivalent barrels,” and other
quantifies of oil and gas include estimated quantities that are not
yet classified as proved reserves under SEC definitions but are
expected to be ultimately recoverable. The term “project” can refer
to a variety of different activities and does not necessarily have
the same meaning as in any government payment transparency
reports.
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