Exxon Mobil Corp. said on Jan. 15 that its latest exploration well in the prolific Stabroek block offshore Guyana did not find oil in its target area, the second setback to its drilling campaign in recent months.
Exxon, which operates the Stabroek block in a consortium with Hess Corp. and China’s CNOOC Ltd., has made 18 discoveries in the area totaling more than 8 billion barrels of recoverable oil and gas, making the South American country the world’s newest energy hotspot.
“The Hassa-1 exploration well in the Stabroek block did not encounter hydrocarbons in the primary target reservoirs,” an Exxon spokesman said in a statement, adding that the well did encounter hydrocarbons in other intervals. “We remain committed to evaluating the potential in our offshore Guyana blocks.”
The disappointment at Hassa-1 comes after Exxon said in November its crude discovery at the Tanager-1 well was not financially viable on its own. The well was the first Exxon drilled in the Kaieteur block, which is adjacent to Stabroek.
Production at the Liza-1 well in the Stabroek block began in December 2019. The well is currently producing some 120,000 barrels per day.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Fifth Week in Six, Baker Hughes Says
2024-09-20 - U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week.
Western Haynesville Wildcats’ Output Up as Comstock Loosens Chokes
2024-09-19 - Comstock Resources reported this summer that it is gaining a better understanding of the formations’ pressure regime and how best to produce its “Waynesville” wells.
August Well Permits Rebound in August, led by the Permian Basin
2024-09-18 - Analysis by Evercore ISI shows approved well permits in the Permian Basin, Marcellus and Eagle Ford shales and the Bakken were up month-over-month and compared to 2023.
Kolibri Global Drills First Three SCOOP Wells in Tishomingo Field
2024-09-18 - Kolibri Global Energy reported drilling the three wells in an average 14 days, beating its estimated 20-day drilling schedule.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.