Exxon hits at Pluma-1,Resource >5bn3 Dec 2018 13:08
*DJ Exxon Mobil Makes 10th Discovery Offshore Guyana >XOM - Dow Jones News
03-Dec-2018 13:03:01Press Release: ExxonMobil Increases Stabroek Resource Estimate to 5 Billion Barrels; Makes 10th Discovery
ExxonMobil Increases Stabroek Resource Estimate to 5 Billion Barrels; Makes
10th Discovery
-- More than 5 billion recoverable oil-equivalent barrels discovered in less
than four years
-- Reinforces potential for at least five floating storage, production and
offloading vessels producing more than 750,000 barrels of oil per day by
2025
-- Pluma-1 well represents 10th discovery
IRVING, Texas--(BUSINESS WIRE)--December 03, 2018--
ExxonMobil said today it made its 10(th) discovery offshore Guyana and
increased its estimate of the discovered recoverable resource for the Stabroek
Block to more than 5 billion oil-equivalent barrels.
The resource estimate, up from the previous estimate of more than 4 billion
oil-equivalent barrels, is a result of further evaluation of previous
discoveries and includes a new discovery at the Pluma-1 well.
"The discovery of a resource base of more than 5 billion oil-equivalent
barrels in less than four years is a testament of our technical expertise and
rigorous evaluation and pursuit of high-potential, high-risk opportunities in
this frontier area," said Neil Chapman, ExxonMobil senior vice president. "We
will continue to apply what we've learned to identify additional exploration
prospects and potential future discoveries that will deliver significant value
to Guyanese people, our partners and shareholders."
The Pluma-1 well encountered approximately 121 feet (37 meters) of
high-quality hydrocarbon-bearing sandstone reservoir. Pluma-1 reached a depth
of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water. The Noble
Tom Madden drillship began drilling on Nov. 1. The well is located
approximately 17 miles (27 kilometers) south of the Turbot-1 well. The Noble
Tom Madden will next drill the Tilapia-1 prospect located 3.4 miles (5.5
kilometers) west of the Longtail-1 well.
"Together with the government and people of Guyana, we are continuing to grow
the value of the Stabroek Block for Guyana, our partners and ExxonMobil with
successful exploration investments," said Steve Greenlee, president of
ExxonMobil Exploration Company. "Our ongoing work will evaluate development
options in the southeastern portion of the block, potentially combining Pluma
with prior Turbot and Longtail discoveries into a major new development area."
The Liza Phase 1 development is expected to begin producing up to 120,000
barrels oil per day by early 2020, utilizing the Liza Destiny floating
storage, production and offloading vessel (FPSO). As previously announced,
Liza Phase 2 is expected to start up by mid-2022. Pending government and
regulatory approvals, Liza Phase 2 project sanction is expected in early 2019
and will use a second FPS
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