In spite of the logistical and economical challenges brought on by the COVID-19 pandemic, it appears ExxonMobil will still be moving ahead with plans to drill the first well in the Kaieteur Block.
Making this disclosure was Chief Executive Officer (CEO) of Hess Corporation, John Hess.
His company is one of the partners in the Kaieteur Block along with Ratio Petroleum and Cataleya Energy Corporation (CEC).
Hess disclosed that ExxonMobil, which is the operator of the block, will be drilling the first well in the second half of the year.
With respect to the prospects of success, Hess said that he is encouraged by the geology.
He highlighted that the majority of the discoveries in the Stabroek Block, which borders the Kaieteur Block, are found in the Campanian and Santonian layers.
They are 15,000 feet and 18,000 feet deep respectively. Hess said that the partners see a lot of the oil-rich sand channels flowing from the Stabroek into the Kaieteur.
“So it is highly prospective but you have to drill to see what you have,” the CEO noted.
Further to this, the Chief Executive Officer said he is confident about the possibilities for success given the technology that is available to the operator for deep water drilling.
The Tanager-1 well is expected to be the first target as it is estimated to hold 256.2 million barrels of prospective resource according to Competent Persons Report (CPR) conducted by the Netherland, Sewell & Associates Inc. (‘NSAI’).
The report also noted that the co-venturers have a 72 percent chance of success.
The Kaieteur Block is located approximately 155 miles (250 kilometers) offshore and covers 3.3 million acres (13,535 square kilometers).Three-D seismic survey was completed in 2017 on this block. Results showed that it holds a gross estimated prospective resource of 2.1 billion barrels for nine prospects.
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