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Exxon Makes 13th Oil Discovery Offshore Guyana

ExxonMobil made a new oil discovery at the Yellowtail-1 well offshore Guyana, the company announced Thursday.

This marks the 13th discovery on the Stabroek Block and adds to the already 5.5-billion barrels of oil equivalent in the block.

Yellowtail-1 is also the fifth discovery in the Turbot area, which is expected to become a major development hub.

Yellowtail-1, which is located about six miles northwest of the Tilapia discovery, was drilled to a depth of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of water. Drilling on the well commenced March 27.

"Similar to the Liza area, successive discoveries in the Turbot area have continuously grown its shared value," Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures said in a company statement. "Our success here can be attributed to our industry-leading upstream capabilities, the strength of our partnerships and our ongoing commitment to growing Guyana's offshore potential."

ExxonMobil previously stated there was potential for at least five floating production, storage and offloading (FPSO) vessels on the Stabroek Block producing more than 750,000 barrels of oil per day by 2025.

ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 percent interest in the Stabroek Block while Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.




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