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.
Discovered resources globally of conventional oil and natural gas surpassed 4.5 billion barrels of oil equivalent in the first half of 2018, making for an exciting recovery with Guyana leading the way, according to analysis by Rystad Energy. Average monthly discovered volumes are 826 million barrels of oil equivalent. This is a 30% increase from 2017.
Exxon Mobil Corp. has discovered more oil on the Staborek block offshore Guyana, northeast South America, with the Turbot-1 well. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Turbot-1 well on Aug. 14, 2017, and encountered a reservoir of 23 m of high-quality, oil-bearing sandstone in the primary objective.
Exxon Mobil said that it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total discovery to approximately 500 million barrels oil equivalent. The result increases the estimated recoverable resources in Guyana’s Stabroek Block formation to about 2.25 to 2.75 billion barrels. By way of comparison, the much-heralded Thunder Horse find in the Gulf of Mexico has reserves of about one billion barrels.
ExxonMobil’s oil finding streaking offshore Guyana is continuing, with the company reporting yesterday that it has struck oil again. It is Exxon’s third such find in the Stabroek Block and the second this year, coming on the heels of oil discoveries in Liza in 2015 and Payara in January.
An ExxonMobil rig that re-ignited a maritime boundary dispute between Guyana and Venezuela has now left the area, a Guyanese official said on Monday, but denying it was because of Venezuelan pressure.
The Exxon Mobil oil find in Guyana, which has triggered a strong reaction from neighboring Venezuela could be worth 12 times more than that nation’s GDP. In effect according to a Guyanese minister, the find at Liza-1well in offshore Guyana could be worth about $40 billion at current international crude prices.
President Nicolas Maduro announced Monday that he was recalling Venezuela's ambassador in neighboring Guyana for consultation amid mounting tensions over their disputed border. During an address to parliament, Maduro said that he also is initiating a comprehensive review of relations with much smaller Guyana and reducing the size of Venezuela's embassy there.
The 53 member states of the Commonwealth have pledged to support Guyana in the ongoing maritime border dispute with Venezuela. Commonwealth Secretary General Kamalesh Sharma, sought to assure the government of the groupings commitment on his arrival to Jamaica.
Venezuela’s recent claim on Guyana’s maritime territory is a “legal absurdity” and US oil firm ExxonMobil will continue to work as scheduled, President David Granger has said. Labeling Caracas’ claim as the worst intrusion the country has ever had on its sovereignty, the President said his government has made its position on the claim by Venezuela clear to the oil company.