Exxon Mobil makes 8th oil discovery

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U.S oil giant ExxonMobil Corporation today made its 8th oil discovery offshore Guyana at the Longtail-1 well.

The announcement was made minutes ago, with the company explaining that the new discovery creates the potential for additional resource development in the southeast area of the Stabroek Block.

Approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir was encountered by ExxonMobil at the Longtail-1 well.

“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 U.S oil company explained, while noting that the discovery is within close proximity to the Turbot discovery southeast of the Liza field.

President of ExxonMobil Exploration Company Steve Greenlee, however, noted that drilling results from Longtail 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,” Greenlee explained.

This announcement comes months after the 7th discovery was made in the Pacora-1 well, offshore Guyana. The discovery was made in February, 2018. The Pacora-1 well is located about four miles from the Payara-1 well in the Stabroek Block.

In early January, the U.S. oil company had also discovered oil offshore Guyana at its Ranger -1 well, adding to its previous discoveries since 2015. The Ranger -1 well encountered approximately 230 feet of high-quality, oil-bearing reservoir, located some 60 miles northwest of its Liza phase one project within the Stabroek Block.

Presently, 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 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.