On June 28, last, ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), commenced a drilling operation at the Tripletail-1 well site within the Stabroek Block. This is according to a notice to mariners that was published by the Maritime Administration Department (MARAD) in the Saturday edition of the Kaieteur Newspaper.
The advertisement noted that the drilling operation will conclude on September 30, 2019. It will see the incorporation of 13 vessels for the job. These include Noble Tom Madden, Cat Island, Eland, Oryx, C-Installer, Clarence Triche, Michael Crombie Mc Call, Paradise Island, Sanibel Island, Horn Island, Robert Adams, John G. Mc Call, and Jack Edwards.
The survey area is said to be approximately 110 nautical miles from Guyana’s coast and covers an area of one square kilometer.
ExxonMobil’s latest discovery, being at the Yellowtail-I is also in the Turbot area. In fact, Yellowtail-I marks the fifth discovery in the Turbot Area which is located in the eastern section of Stabroek.
It includes other discoveries such as Turbot-1, Longtail, Pluma and Tilapia-I which have shown high quality hydro-carbon bearing sandstone reservoirs. ExxonMobil expects the Turbot Area to become a major development hub, following Liza and Payara.
Furthermore, ExxonMobil and its partner, Hess Corporation, contend that Stabroek’s growing resource base, now estimated at more than five billion oil-equivalent barrels, could support at least five floating production storage and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2025.
At that level of output, both companies said that the potential exists for Guyana to produce more than its struggling neighbour – and OPEC member – Venezuela.
Industry analysts, Wood MacKenzie have also said in its latest analysis that Guyana is among the best basins proven since 2014.
The entity said, “Some of the best basins proven since 2014 have already raced past five billion barrels of oil equivalent resources. They are Guyana (ExxonMobil), Egypt (Eni), Cyprus (Eni/Total) and Senegal/Mauritania (Cairn and Kosmos/BP).
Each is deepwater plays and shares that golden characteristic of high value barrels – very high-quality reservoirs.”
Wood MacKenzie warned, however, that these frontiers are at the higher risk end of the exploration spectrum.
“There is likely no infrastructure and not much of a supporting service sector. Prospects need to be chosen with extreme care – big enough to realize economies of scale and able to be developed and brought on stream speedily, whether a discovery is oil or gas.
“Fiscal terms and domestic political support can also be very important,” the industry research company said.
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