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Exxon announces eighth oil discovery offshore Guyana

Published 06/20/2018, 10:38 AM
Updated 06/20/2018, 10:38 AM
© Reuters.  Exxon announces eighth oil discovery offshore Guyana
  • Exxon Mobil (XOM -0.3%) says it made its eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block.
  • Drilling results are under evaluation but the combined estimated recoverable resources of Longtail and the nearby Turbot discovery will exceed 50M boe, the company says.
  • XOM says it plans to add a second exploration vessel offshore Guyana in addition to the Stena Carron drillship, bringing its total number of drillships on the Stabroek Block to three.
  • XOM is operator and owns a 45% interest in the Stabroek Block, while Hess (HES +1.2%) holds 30% and Cnooc's (CEO +1.3%) Nexen has 25%.
  • Now read: Exxon Mobil's Returning To Its Roots


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