ExxonMobil Is Thriving In Guyana

ExxonMobil has made the right move on investing in offshore coastline of Guyana. It was reported a ninth discovery at the Hammerhead-1 well. Making its fifth discovery on the Stabroek Block within the last year.

Hammerhead-1 has about 197 feet (60m) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 13,862 feet (4,225m) in the depth of 3,773 feet (1,150m) of water. The Stena Carron drillship begin its exploration journey on July 27, 2018.

With this new discovery at the Hammerhead-1 well, its reinforcing the wealth of oil in the Guyana basin. ExxonMobil has already maximized value for all stakeholders through the rapid phased of discovery but also accelerating the exploration plans.

With Hammerhead-1 located southwest of the Liza-1 well it follows the previous discoveries on the Stabroek Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora and Longtail.  With an estimated 4 billion oil barrels discovered to date it is estimated production could be more than 750,000 barrels per day by 2025.

Additional significant discovery could be included, with a plan for rapid exploration and appraisal drilling. A second exploration vessels has been requisition; the Noble Tom Madden is due to arrive in Guyana in October to boost the exploration of high potential targets. It will start drilling at the Pluma prospect approximately 17 miles (27 km) from Turbot.

Liza Phase 1 is expected to begin oil production by early 2020, the Liza Destiny FPSO vessel will produce up to 120,000 barrels of oil per day. The construction of the FPSO and subsea equipment is in process. Pending the government and regulatory approval, Phase 2 is targeted for year end. The second FPSO is designed to produce up to 220,000 barrels per day, it will be in operation by 2022. A Third development Payara will target sanctioning in 2019 the FPSO will produce about 180,000 barrels of oil per day it will be in production by 2023.

ExxonMobil bet on Guyana’s offshore oil has proven to be a great strategic move for the company, but it is starting to unveil how much oil there is waiting to be yield. With those discoveries, Guyana is stepping into the world stage as oil producer by becoming one of the key players in the game of chess game called oil export.