Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

ExxonMobil's ‘4 billion barrels fairy tale' discovery in Guyana may be just the start

Christopher Gregory /NYT

The Noble Bob Douglas drill ship, right, 120 miles off Guyana.
8 of 10 wells have struck oil with 19 targets left: WoodMac. Oil major increased Guyana reserves 25% to 4 billion barrels.

By Kevin Crowley

HOUSTON
Petroleumworld 07 25 2018

Exxon Mobil Corp. increased its estimate for a giant offshore oil discovery in Guyana by 25 percent yesterday, but it may just be the beginning.

Some 8 of 10 exploration wells have struck oil since 2015 and Exxon has identified a further 19 targets to drill, according to researcher Wood Mackenzie Ltd. The oil giant is so optimistic about finding more oil that it's running two drill ships purely focused on exploration concurrently off the coast of the tiny South American nation.

“There's multi-billion barrel potential remaining on the block,” said Ruaraidh Montgomery, a Houston-based analyst at Wood Mackenzie, referring to the exploration area named Stabroek. “It's such a large block. We're talking 1,000 times bigger than the average Gulf of Mexico block.”

To read more about Exxon's Guyana discovery, click here

Even so, exploration is no sure thing. Rivals such as Total SA, Tullow Oil Plc and Repsol SA, which are also exploring for oil in Guyana's waters, have yet to find anything substantial.

The oil major has determined that Stabroek alone holds at least 4 billion barrels of reserves, enough to push Guyana above OPEC-members Equatorial Guinea and Gabon, and about half the level of Angola. Production at 750,000 barrels a day by 2025 would put Guyana just below Libya's 2017 output.

Exxon's Neil Chapman, management-board member, called Guyana a “fairy tale” discovery at the company's analyst day in March. That's in part due to timing. In 2015, when the company first struck oil, crude was plunging and reached a 12-year low of about $26 a barrel in 2016. Since then Exxon has struggled to grow production, making Guyana essential to reviving the oil major's fortunes.

_________________________

Story by Kevin Crowley from Bloomberg.

bloomberg.com 07 24 2018

We invite all our readers to share with us
their views and comments about this article.


Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter

 

 

 


TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.