–announces plans to drill additional wells

AS Exxon Mobil estimated its 2019 third quarter earnings at $3.2B on Friday, the corporation also noted that its value position in Guyana has increased and that it is considering its undrilled potential.

Racking up its 14th discovery in the Stabroek Block in September, the Tripletail-One discovery encountered approximately 33 meters of a high-quality oil-bearing sandstone reservoir.

The corporation had indicated that, upon completion of operations at Tripletail, the Noble Tom Madden drillship will next drill the Uaru-One well, located approximately six miles east of the Liza field.

On Friday, Exxon also announced that two other wells are planned. These are the Hassa –One – also to be drilled by the Noble Tom Madden – and the Mako-One well to be drilled by the Noble Don Taylor. The explorations have been labelled as “near term” and fall with Exxon’s short-term drilling outlook.

“We are making excellent progress on our long-term growth strategy,” ExxonMobil Chairman and Chief Executive Officer (CEO), Darren W. Woods said during a presentation.
“Growth in the Permian continues to drive increased liquids production and we are ahead of schedule for first oil in Guyana. The value of our position in Guyana improved further this quarter with an additional discovery, our fourth this year.”

Just on Wednesday, HESS Corporation, a partner of ExxonMobil which holds a 30 per cent interest in the Stabroek Block, had announced that ‘first oil’ in the Liza-One development could be possible in December.

Finance Minister, Winston Jordan has stated that efforts will be made to speed up local preparations for the shipment of crude and has been working for some time with the knowledge that ‘first oil’ was likely to be earlier than first quarter 2020.

“We had an inkling that the first oil could be in December and therefore we were working under that assumption and trying to ‘ramp up’ our activities,” he said.
It is expected the Liza Phase One project will generate over $7B in royalty and profit oil revenues for Guyana over the life of the project.