U.S. oil giant ExxonMobil announced that is run of good luck in Guyana continued with the discovery of its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well.
The Pacora-1 well is located approximately four miles west of the Payara-1 well, and follows previous discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.
ExxonMobil said it encountered 20 meters of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 5,597 meters depth in 2,067 meters of water.
“This latest discovery further increases our confidence in developing this key area of the Stabroek Block. Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day.”” said Steve Greenlee, president of ExxonMobil Exploration Company.
Following completion of the Pacora-1 well, the Stena Carron drillship will move to the Liza field to drill the Liza-5 well and complete a well test, which will be used to assess concepts for the Payara development.
The Stabroek Block is 26,800 square kilometers. Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.