ExxonMobil, the American oil major company, announced this Thursday it discovered 10 billion more barrels of equivalent oil in the Stabroek block, offshore Guyana. Particularly, the discovery locates at the Cataback-1 well.
Firstly, the new reservoir brings the total significant discoveries to more than 20 within the Stabroek Block. It also further consolidates Guyana and neighboring Suriname as two of the most desired oil exploration hot spots globally.
Secondly, for ExxonMobil, it consolidates the company’s position in the region. Especially as last month, it announced a discovery at Pinktail in the Stabroek Block, without specifying the size of reserves. However, the consolidation in the area also goes to Hess Corp and China’s CNOOC, consortium partners of Exxon in the Guyana region.
In fact, an Exxon’s affiliate is the operator for the block with 45%interest, Hess Guyana Exploration Ltd holds 30%, and CNOOC Petroleum Guyana Ltd holds 25%.
Moreover, the discovery at the Cataback-1 well happened at 1,807 meters deep; the company encountered high-quality hydrocarbon-bearing sandstone reservoirs. The particular well with the new potential resources locates approximately 6 kilometers east of Turbot-1.
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ExxonMobil to spur further benefits for the Guyanese economy
In addition, the discoveries made recently by Exxon and the consortium partners will further benefit the Guyanese economy. Firstly, it will create jobs for the people of Guyana, as for now, more than 2,850 Guyanese currently support the company’s project activities.
Furthermore, Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil, said. “This discovery adds to the resource in the Turbot/Tripletail area, enhancing the development project potential.”
He also remarked. “Our proprietary technologies, global exploration experience, and drilling capabilities continue to yield positive results in the Stabroek Block, which will generate additional value for Guyana.”
Finally, John Hess, Chief Executive Officer of Hess, said in a separate statement. “We continue to see multi-billion barrels of additional exploration potential remaining on the block.”