Dated: February 14th, 2019
The two most recent discoveries on Guyana’s prolific Stabroek Block is particularly significant since one represents the highest net pay count found to date and the other the first gas discovery announced by the ExxonMobil-led consortium of Hess and CNOOC. The discoveries were announced on February 6.
Tilapia-1 encountered approximately 305 feet (93 meters) of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 18,786 feet (5,726 meters) in 5,850 feet (1,783 meters) of water.
Commenting on this latest discovery, Chief Executive Officer of HESS Corporation, John Hess, said, “The Tilapia number one well encountered the highest net pay count thus far on the Stabroek Block. 305 feet of oil-bearing reservoir and helps us progress the Turbot area to a major development hub.”
Tilapia is is located approximately 3.4 miles (5.5 kilometers) west of the Longtail-1 well, which was the 8th discovery made on the block, announced back in June 2018.
The Haimara-1 well, which encountered approximately 207 feet (63 meters) of high-quality, gas-condensate bearing sandstone reservoir, is the first of its kind to be announced by the consortium. ExxonMobil Guyana Senior Director, Public and Government Affairs, Deedra Moe, told OilNOW, “It’s going to take some time to further evaluate in terms of what we would want to do potentially with that area.”
A total of 12 discoveries on the 6.6 million acres Stabroek Block have been announced so far by the consortium, amounting to more than 5 billion barrels of oil equivalent. “We continue to see multi-billion barrels of future exploration potential remaining,” says Hess.
First oil for Guyana is expected by 2020 with the Liza Phase 1 development at a peak rate of 120,000 bpd. A total of 5 developments could be underway by 2025, producing well in excess of 750,000 bpd making the South American country a significant new producer in the region.
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.
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