ExxonMobil Corp. (NYSE:XOM) announced today its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well.
“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.”
ExxonMobil encountered about 20 m (65 ft) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 5,597 m (18,363 ft) depth in 2,067 m (6,781 ft) of water. Drilling commenced Jan. 29.
“This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil Exploration Co. “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.”
The Pacora-1 well is located about 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.
Following completion of the Pacora-1 well, the Stena Carron drillship will move to the Liza Field to drill the Liza-5 well and complete a well test, which will be used to assess concepts for the Payara development. ExxonMobil announced project sanctioning for the Liza phase one development in June 2017. Following Liza-5, the Stena Carron will conduct additional exploration and appraisal drilling on the block.
The Stabroek Block is 26,800 sq km. Esso Exploration and Production Guyana Ltd. is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Nexen Petroleum Guyana Ltd. holds 25% interest.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.
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