Guyana: Offshore Drilling Exxon Mobil Announces Further Oil Discovery Offshore Guyana

Exxon Mobil announced its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will bring Guyana production to more than 500,000 barrels per day.

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Irving/USA — The oil company encountered approximately 20 m of high-quality, oil-bearing sandstone reservoir. The well was drilled to 5,597 m depth in 2,067 m of water. Drilling commenced on January 29, 2018.

The Pacora-1 well is located approximately 6.4 km west of the Payara-1 well, and follows previous discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.

Following completion of the Pacora-1 well, the Stena Carron drillship will move to the Liza field to drill the Liza-5 well and complete a well test, which will be used to assess concepts for the Payara development. The company announced project sanctioning for the Liza phase one development in June 2017. Following Liza-5, the Stena Carron will conduct additional exploration and appraisal drilling on the block.

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The Stabroek Block is 26,800 km². Esso Exploration and Production Guyana Limited is operator and holds 45 % interest in the Stabroek Block. Hess Guyana Exploration holds 30 % interest and CNOOC Nexen Petroleum Guyana Limited holds 25 %.

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