– if all goes well Esso predicts

ESSO Exploration and Production Guyana Limited, a subsidiary of U.S oil giant ExxonMobil, estimates that 3.2 billion barrels of oil equivalent have been discovered offshore Guyana in the Stabroek Block.

But with data for three wells still outstanding, Esso said it is likely that the figure could very well surpass 4 billion.

In the coming days, Exxon and its partners — Hess Guyana Exploration Ltd. and CNOOC Nexen Petroleum Guyana Ltd. — will release fresh data on the number of oil-equivalents the country has to date, when all eight of the oil discoveries are combined.

This is according to ExxonMobil (Guyana) Senior Director of Public and Government Affairs, Deedra Moe. In an interview with the Guyana Chronicle, Moe disclosed that the company is analysing its data as it moves to update its resource development in the Stabreok Block.
It was explained that while ExxonMobil has made eight discoveries to date, the estimated 3.2 billion oil-equivalent barrels only cover five of the reservoirs: Liza, Liza Deep, Snoek, Payara and Turbot. As such, available data is being analysed to further quantify the amount of oil in the reservoirs at Ranger, Pacora and Longtail-1.

“So what we are looking to update is some of the analysis on the three other wells in areas that we have drilled, which include Ranger, Longtail and Pacora,” Moe said.

When the eighth discovery was made offshore Guyana at the Longtail-1 well last month, President of ExxonMobil Exploration Company Steve Greenlee had said that the combined estimated recoverable resources of the Turbot and Longtail-1 wells will exceed 500 million barrels of oil equivalent. That figure was added to the 3.2 billion to arrive at an estimated 3.7 billion barrels of oil equivalent, but according to Moe, that figure is incorrect.

She explained that recoverable resources found within Turbot were already included in the initial 3.2 billion, while emphasising that the results from the Longtail-1 well have not yet been finalised.

In early January 2018, ExxonMobil had also discovered oil offshore Guyana at its Ranger -1 well, adding to its previous discoveries made since 2015. The Ranger-1 well encountered approximately 230 feet of high-quality, oil-bearing reservoir located some 60 miles north-west of its Liza Phase One project.

The discovery at the Pacora-1 well was made approximately one month after about four miles from the Payara-1 well in the Stabroek Block. At the Longtail-1 well, approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir was encountered by ExxonMobil in June.

Moe said that in a few days, Guyanese will have a better understanding of the amount of recoverable resources to be found within the eight reservoirs.
“With the new resource estimate, we will be able to include all three,” she said, adding:
“I haven’t seen the data on that, but it would be great to see continued increase in the resources that are there.”

She also said that ExxonMobil’s experts are carefully analysing the data, with the help of Hess and CNOOC Nexen, and that once they are satisfied that the information is a true reflection of what exists, the greenlight will be given for the release of the updated information.

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 in 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 kilometres). Esso Exploration and Production Guyana Limited is the operator, and has a 45 per cent interest in the Stabroek Block.

Hess Guyana Exploration Ltd. holds a 30 per cent interest, and CNOOC Nexen Petroleum Guyana Limited a 25 per cent interest.