Guyana to produce more than 750,000 barrels of oil daily by 2025
Director, Department of Energy, Dr. Mark Bynoe has announced that United States oil giant ExxonMobil has made its 10th discovery offshore Guyana at the Pluma-1 well. This latest discovery has increased the estimated recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels.
“This is great news for Guyana…the country is on the cusp of transformational development for current and future generations and the news of ExxonMobil’s 10th discovery offshore Guyana is expected to facilitate the country’s realisation of substantial social and economic improvements,” said an upbeat Dr. Bynoe.
The Pluma-1, which is located some 17 miles (27 kilometers) south of the Turbot-1 well and follows previous discoveries on the Stabroek Block, encountered approximately 121 feet (37 meters) of high-quality, hydrocarbon-bearing sandstone. The well was safely drilled to 16, 447 feet (5, 013 meters) depth in 3,340 feet (1,018 meters) of water. The Noble Tom Madden drillship began drilling on November 1, 2018.
“Guyana is well poised to truly forge ahead in the 21st century. As a petro-development state we will, however, need to strategically invest in a people-centered and balanced manner, where we utilise our non-renewable resources for structural transformation and improving people’s lives in the short-term, while concomitantly providing the foundation to allow us to transition in the medium- and long-term to a post carbon economy.
The previous recoverable resource estimate on the Stabroek Block was more than 4 billion barrels. This discovery reinforces the potential of the country being able to produce more than 750,000 barrels of oil daily by 2025 and to the potential for development in the southeast section of the Stabroek Block. The Stabroek Block is 26, 800 square kilometers,” Dr. Bynoe added.
The Noble Tom Madden is expected to begin drilling the Tilapia-1 prospect located some 3.4miles (5.5 kilometers) west of the Longtail-1 well. The Stena Carron drillship has recently completed operations at Hammerhead-1 and will soon drill its next well following scheduled maintenance. ExxonMobil and its affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest. (Ministry of the Presidency)