Exxon announce another offshore discovery


On October 5, ExxonMobil announced a fifth discovery of oil offshore Guyana. The company reported that at the end of September, exploration drilling in its Turbot-1 well had discovered a reservoir of high-quality, oil-bearing sandstone at a depth of 18,445ft in 5,912ft of water. The well follows four previous discoveries at its Liza, Payara, Snoek, and Liza Deep wells in its Stabroek Block.

The Turbot-1 prospect is approximately 30 miles southeast of the company’s world class find on its Liza well, which it has agreed to invest US$4.4bn in to produce up to 120,000 b/d of oil from 2020 on.

“The results from this latest well further illustrate the tremendous potential we see from our exploration activities offshore Guyana,” Steve Greenlee, the President of ExxonMobil Exploration said in a statement.

The company and its partners are expected to further evaluate opportunities on the Stabroek Block, and have said that once the Turbot well is complete, it will move its drillship to the Ranger prospect. An additional well on the Turbot discovery is planned for 2018.

Industry analysts suggest that production by 2026 from Exxon’s finds is likely to be around 350,000-400,000 b/d making Guyana…..

This is an extract from the Caribbean Council’s leading weekly editorially independent publication, Caribbean Insight, which provides in depth information on current economic, political and commercial developments in the Caribbean and news on events in Europe and the US that affect the region. Business people, academics, and those with a general interest in the Caribbean find it an invaluable tool for developing and maintaining knowledge and providing an insight into political, economic and commercial events in the region.

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