ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well which will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block.
“Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing efficient opportunities for new projects in Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. He added, “Developing these projects remains an integral part of ExxonMobil and our co-venturers’ long-term growth plans and a source of significant value for Guyana.”
Redtail-1 encountered approximately 232 feet (70 meters) of high-quality oil-bearing sandstone and was drilled in 6,164 feet (1,878 meters) of water. The well is located approximately 1.5 miles (2.5 kilometers) northwest of the Yellowtail discovery.
In addition to the Redtail-1 discovery, drilling at Yellowtail-2 encountered 69 feet (21 meters) of net pay in newly identified, high-quality oil-bearing reservoirs among the original Yellowtail-1 discovery intervals. This resource is currently being evaluated for development in conjunction with nearby discoveries.
Guyana Standard understands that approximately 80 Guyanese employees, contractors, and subcontractors took part in Redtail activities offshore, and more than 2,000 Guyanese and 600 local suppliers are supporting ExxonMobil’s activities in-country. Guyanese staff has completed more than 350,000 hours of training in Guyana, Brazil, Canada, and Singapore.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.
