Current XOM Stock Info

Turbo-1 encounters a reservoir of 75 feet of high-quality, oil-bearing sandstone approximately 30 miles from Liza phase one

Exxon Mobil Corporation (ticker: XOM) said it has made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. Turbot joins a string of discoveries for XOM in Guyana including Liza, Payara, Snoek and Liza Deep.

ExxonMobil Makes Fifth Discovery Offshore Guyana

Map: Hess

Exxon said that following completion of the Turbot-1 well, the Stena Carron drillship will move to the Ranger prospect.

ExxonMobil Makes Fifth Discovery Offshore Guyana

Image: ExxonMobil

Exxon’s Esso Exploration and Production Guyana Ltd. began drilling the Turbot-1 well on Aug. 14, 2017 and encountered a reservoir of 75 feet (23 meters) of high-quality, oil-bearing sandstone in the primary objective. The well was safely drilled to 18,445 feet (5,622 meters) in 5,912 feet (1,802 meters) of water on Sept. 29, 2017, the company said.

The Turbot-1 well is located in the southeastern portion of the Stabroek Block, approximately 30 miles (50 kilometers) to the southeast of the Liza phase one project.

ExxonMobil Makes Fifth Discovery Offshore Guyana

Map: ExxonMobil

“The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company. Greenlee said the company would further evaluate the 6.6 million-acre Stabroek Block, in which it is operator and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Limited holds 25%.

An additional well on the Turbot discovery is being planned for 2018, Exxon said.

Legal Notice