ExxonMobil forecasts 500,000 barrels of oil per day from Guyana discoveries

American oil giant ExxonMobil said Wednesday that the latest oil discovery in Guyana should bring estimated production to more than half a million barrels per day. ExxonMobil said that the Pacora well was safely drilled to a depth of 18,363 feet in 6,781 feet of water (2,067 to 5,597 metres) since January 29. "This latest discovery further increases our confidence in developing this key area of the Stabroek block," said Steve Greenlee, ExxonMobil Exploration Company president.

"Pacora will be developed in conjunction with the giant Payara field, and, along with other phases, will help bring Guyana production to more than 500,000 barrels per day."

On Tuesday, Guyana's natural resources minister Raphael Trotman said the discovery was in keeping with "an aggressive programme of exploration" in the run-up to production of oil in 2020.

"To date, we have overseen the drilling of seven wells by Exxon, six of which have borne fruit, in that, they have proven good. One has not, but we have so far an excellent record, and I would like to congratulate the crew of the Stena Carron drillship that has done 90 per cent of the discoveries without a day lost or any injuries or any man-hour lost, and that is commendable," said Trotman.

Last May, ExxonMobil first announced the discovery of high-quality, oil-bearing sandstone reservoirs, about 120 miles (193 kilometres) off Guyana's coastline. The Liza-1 well was drilled to 5,433 metres in 1,742 metres of water, and is the first well on the Stabroek block.

The Pacora-1 well is located approxi-mately four miles west of the Payara-1 well, and follows previous discoveries on the Stabroek block at Liza, Payara, Liza Deep, Snoek, Turbot, and Ranger.

The Stabroek block spans 6.6 million acres, or 26,800 square kilometres. Esso Exploration and Production Guyana Limited is the operator and holds 45 per cent interest in Stabroek block. Hess Guyana Exploration Limited holds 30 per cent, and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent.

CMC