Page 4 - LatAmOil Week 36

LatAmOil COMMENTARY LatAmOil

ExxonMobil strikes oil

again offshore Guyana

The US giant has racked up its 18th discovery at Stabroek, even as it strives to keep Liza-1 on track

EXXONMOBIL is once again reaping the bene- The drilling site lies about 1.5 miles (2.5 km)
fits of its decision to venture into Guyana’s deep- north west of the Yellowtail field, where the
WHAT: water offshore zone more than 20 years ago. company and its partners made their 13th dis-
ExxonMobil has found Earlier this week, the US super-major said in covery in April 2019.
oil at Redtail-1 and a statement that it had discovered crude oil in The find at Redtail-1 is set to raise the esti-
Yellowtail-2. the first well drilled at the Redtail field and in the mate of the block’s recoverable resources beyond
second well drilled at the Yellowtail field. Redtail the current figure of more than 8bn barrels
WHY: and Yellowtail are both sections of the Stabroek (bpd), and it came shortly after ExxonMobil
The discovery brings block; they lie to the east of another section, and its partners made an important find in the
the block’s estimated Liza, which became the first Guyanese oilfield Yellowtail-2 well.
recoverable reserves to begin commercial production in December The latter well “encountered 69 feet
above 8bn barrels. 2019. (21 metres) of net pay in newly identified,
Redtail is also the 18th discovery made at high-quality oil-bearing reservoirs among the
WHAT NEXT: Stabroek to date. According to ExxonMobil, original Yellowtail-1 discovery intervals,” the
The project is still facing the Redtail-1 well “encountered approximately US giant said in its statement.
the consequences of 232 feet (70 metres) of high-quality oil-bearing “This resource is currently being evaluated
technical, economic and sandstone and was drilled in 6,164 feet (1,878 for development in conjunction with nearby
political challenges.
metres) of water.” discoveries,” it added.

P4 www. NEWSBASE .com Week 35 03•September•2020