In an industry where companies average a 20 – 25 percent success rate at discovering oil, US oil-giant ExxonMobil has upped its chances to 80 percent in Guyana.
Just yesterday, ExxonMobil announced a discovery at its latest target Longtail and revealed that combined with the nearby Turbot well, there is an average 500 Million barrels of oil added to the reserves here.
ExxonMobil-contracted drillship Stena Carron has set its eyes on a new target – the Hammerhead-1, located nine miles southwest of Liza 1.
ExxonMobil is now accelerating exploration activity with an additional drill rig expected in the next few months. This mean two rigs will be engaged in exploration while another rig develops the Lisa (1) field which is set to start production in early 2020.
Before longtail, ExxonMobil held proven reserves of 3.2 Billion barrels.
The eight discoveries to date are as follows Liza, Payara, Liza Deep, Snoek, Turbot, Ranger and Pacora and longtail. The Stabroek Block is 6.6 Million acres (26,800 square kilometres) and located approximately 120 miles (193 kilometres) offshore Guyana.
