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Longtail-1 well encounters approximately 256 feet of high-quality,
oil-bearing sandstone
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Discovery is in southeast portion of Stabroek Block, near Turbot
discovery
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Adding third drillship to accelerate exploration of high value
prospects
Exxon
Mobil Corporation (NYSE:XOM) said today it made its eighth oil
discovery offshore Guyana at the Longtail-1 well, creating the potential
for additional resource development in the southeast area of the
Stabroek Block.
ExxonMobil encountered approximately 256 feet (78 meters) of
high-quality, oil-bearing sandstone reservoir. The well was safely
drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940 meters)
of water. The Stena Carron drillship commenced drilling on May 25, 2018.
“The Longtail discovery is in close proximity to the Turbot discovery
southeast of the Liza field,” said Steve Greenlee, president of
ExxonMobil Exploration Company. “Longtail drilling results are under
evaluation. However, the combined estimated recoverable resources of
Turbot and Longtail will exceed 500 million barrels of oil equivalent,
and will contribute to the evaluation of development options in this
eastern portion of the block.”
ExxonMobil is currently making plans to add a second exploration vessel
offshore Guyana in addition to the Stena Carron drillship, bringing its
total number of drillships on the Stabroek Block to three. The new
vessel will operate in parallel to the Stena Carron to explore the
block’s numerous high-value prospects.
The Noble Bob Douglas is completing initial stages of development
drilling for Liza Phase 1, for which ExxonMobil announced a funding
decision in 2017. Phase 1 will consist of 17 wells connected to a
floating production, storage and offloading (FPSO) vessel designed to
produce up to 120,000 barrels of oil per day. First oil is expected in
early 2020. Phase 2 concepts are similar to Phase 1 and involve a second
FPSO with production capacity of 220,000 barrels per day. A third
development, Payara, is planned to follow Liza Phase 2.
Guyanese businesses, contractors and employees continue to play an
important role in ExxonMobil’s operations in the country. ExxonMobil and
project partners spent $24 million with more than 300 local suppliers in
2017 and opened the Centre for Local Business Development in the capital
city of Georgetown to promote the establishment and growth of small- and
medium-sized local businesses. ExxonMobil’s priorities in Guyana are
focused on enabling local workforce and supplier development and
collaborating with government to support the growth and success of its
economy, both in the energy and non-energy sectors.
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 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, resource recoveries 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 cited under
the caption “Factors Affecting Future Results” on the Investors page of
our website at www.exxonmobil.com.
References to “recoverable resource” include quantities that are not yet
classified as proved reserves under SEC rules but that we believe will
be produced in the future and moved into the proved reserve category.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180620005691/en/
Copyright Business Wire 2018
Source: Business Wire
(June 20, 2018 - 9:00 AM EDT)
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