–first in a multi-well, fully-funded drilling campaign

DRILLING has commenced at ExxonMobil’s highly-prospective Bulletwood-1 well offshore Guyana, in the Canje Block.
According to a statement from Westmount Energy on Tuesday, the maiden “Canje well” was spudded recently by the Stena Carron drillship.
Based on reports, the Canje Oil Block is estimated to hold about 10 billion barrels of oil-equivalent in just over a dozen prospects to be drilled.
The Bulletwood-1 well is the first in a series of wells to be drilled in the block, which, according to Westmount Energy, is fully financed.

ExxonMobil is the operator of the Canje Block, with a 35 per cent interest, while Total holds 35 per cent, JHI Associates Inc. has 17.5 per cent, and Mid-Atlantic Oil & Gas Inc. has 12.5 per cent. Westmount Energy has a 7.2 per cent interest in the issued share capital of JHI Associates Inc.
Chairman of Westmount Energy, Gerald Walsh was quoted in the statement as saying: “Bulletwood-1 is the first well in a multi-well, fully-funded, drilling campaign being operated by ExxonMobil on the Canje Block over the next six months or so. This campaign will evaluate high-impact Upper Cretaceous prospects in the proven Liza play fairway, with, in some cases, additional deeper reservoir targets.”

Considering the positive prospects of the Canje Block, experts believe it might become more lucrative than the Stabroek Block, where 18 discoveries have so far been made.
The Stabroek Block is 6.6 million acres (26,800 square kilometres), with current discovered recoverable resources estimated at more than nine billion oil-equivalent barrels. The 18 discoveries on the block to date have established the potential for at least five FPSO vessels producing more than 750,000 barrels of oil per day by 2026.
ExxonMobil’s first offshore Guyana project, Liza Phase 1, began producing in late 2019, well ahead of the industry average for development time. Liza Phase 2 remains on track to begin producing oil by early 2022.

Liza Phase 2 will produce up to 220,000 barrels of oil per day at peak rates, using the Liza Unity FPSO.
Recently, the oil giant, following an agreement with the Government of Guyana, decided to proceed with the Payara field development offshore Guyana.
Payara is ExxonMobil’s third project in the Stabroek Block, and is expected to produce up to 220,000 barrels of oil per day, after start-up in 2024, using the Prosperity floating production, storage and offloading (FPSO) vessel. The $9 billion development will target an estimated resource base of about 600 million oil-equivalent barrels. Ten drill centres are planned, along with up to 41 wells, including 20 production and 21 injection wells.