The find was made at the Yellowtail-1 Well and represents the third discovery for this year and the fifth in the Turbot area, where ExxonMobil is evaluating its potential as an additional development hub.
The well encountered approximately 89 meters of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 5,622 meters in 1,843 meters of water. It is located approximately 10 kilometers northwest of the Tilapia discovery.
Guyana’s Director of Energy, Dr Mark Bynoe said rate of the oil discoveries demonstrates the magnitude of Guyana’s natural resource. He reiterated his department’s intentions to manage the resource efficiently.
“For years, Guyanese have heard of the country’s oil potential and we are now seeing it manifesting….The Department of Energy intends to employ international best practice in managing this resource and the monies that will be derived there from to give Guyanese ‘the good life’ that is in consonance with the construct of the Green State Development Strategy,” he said.
And as ExxonMobil continues exploration drilling activities offshore Guyana and installation operations in preparation for first oil in less than a year, it has contracted another drillship, Noble Don Taylor.
The ship is currently in the Gulf of Mexico working for Talos Energy. It will be joining two of its sister vessels – the Noble Bob Douglas and the Noble Tom Madden – which are in the Stabroek Block along with the Stena Carron, bringing the drill fleet in Guyana to four.
ExxonMobil intends to drill more than 10 exploration and appraisal wells offshore Guyana in 2019 and 2020. The company has noted the potential for at least five floating, production, storage and offloading (FPSO) vessels on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.
Start-up of the Liza Phase 1 development is expected to begin early in the first quarter of 2020 and will produce up to 120,000 barrels of oil per day utilizing the Liza Destiny FPSO.