Drilling / Well Results | Discoveries | Offshore

Exxon, Partners Hit 18th Discovery Offshore Guyana

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   |    Tuesday,September 08,2020

ExxonMobil and partners (Hess Corp. and CNOOC Ltd.) have made its 18th discovery offshore Guyana at the Redtail-1 well.

This will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block.

Redtail-1 encountered approximately 232 feet (70 meters) of high-quality oil bearing sandstone and was drilled in 6,164 feet (1,878 meters) of water. The well is located approximately 1.5 miles (2.5 kilometers) northwest of the Yellowtail discovery.

In addition to the Redtail-1 discovery, drilling at Yellowtail-2 encountered 69 feet (21 meters) of net pay in newly identified, high quality oil bearing reservoirs among the original Yellowtail-1 discovery intervals. This resource is currently being evaluated for development in conjunction with nearby discoveries.

Previous Discoveries

Outlook

ExxonMobil continues to advance the Liza Phase 2 project, which is expected to startup in 2022 and produce up to 220,000 barrels per day. Construction activities are underway in Singapore on the Liza Unity FPSO. A third production vessel for the Payara development, with production capacity of 220,000 barrels a day, is on hold pending government approval.

Stakeholders

ExxonMobil affiliate 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 Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.