The string of successful exploration wells offshore Guyana continues for ExxonMobil which announced today its 18th discovery. The well was drilled in the massive Stabroek field that comprises 6.6 million acres about 125 miles north of Guyana’s coast.
ExxonMobil said the discovery well, called Redtail-1, has helped bolster the company’s previous estimation that the block holds more than 8 billion bbl in proven and recoverable barrels of crude.
Redtail-1 found more than 230 ft of oil-bearing sandstones and was drilled in a water depth of 6,164 ft. The newly drilled well is just 1.5 miles from the operator’s 17th discovery, the Yellowtail-2 well.
“Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing efficient opportunities for new projects in Guyana,” said Mike Cousins, a senior vice president of exploration and new ventures at ExxonMobil, in a statement. “Developing these projects remains an integral part of ExxonMobil and our co-venturers’ long-term growth plans and a source of significant value for Guyana.”
ExxonMobil is the operator and a 45% stakeholder in the Stabroek block. Hess (30%) and the Chinese National Offshore Oil Company (25%) are its partners. The first major discovery made by the consortium was in 2015 and first commercial production began just 4 years later from the Liza Destiny floating production and offloading vessel (FPSO), which can produce up to 120,000 B/D.
A phase 2 project is underway and by 2022 will add another FPSO capable of processing up to 220,000 B/D. A third production vessel of the same size but for a separate development is pending government approval.
