From Houston Chronicle Exxon Mobil said Thursday it made its 13th oil discovery offshore of Guyana, increasing its rapidly rising tally of finds near the tiny South American nation. The new Yallowtail-1 well discovery comes in the Turbot area of what’s known as the potentially prolific Stabroek Block offshore of Guyana that Exxon Mobil is exploring with its New York-based
From Bloomberg Guyana, a country that currently produces no crude, could pump more than OPEC member Venezuela in five years. While U.S. sanctions on Venezuela threaten to accelerate an already steep slide in production, neighboring Guyana’s output is poised to reach 750,000 barrels a day by 2025, according to an estimate from Exxon Mobil Corp. The oil major has partnered with Hess Corp. and
Multiple discoveries have revealed 5 billion BOE of resource Hess (stock ticker: HES) announced fourth quarter results and reserves today, the first major E&P company to release earnings this quarter. Hess reported a net loss of $5 million in Q4, or ($0.05) per share, compared to a loss of $2.7 billion, ($8.57) per share in Q4 2017. In total, Hess
From Houston Chronicle The slow deepwater recovery in the Gulf of Mexico and the rest of the world is now threatened by falling oil prices and the projected cost rise of drilling rigs and other services. A new report Tuesday by research firm Wood Mackenzie highlights how the offshore sector has returned to viability through costs reductions and greater
Hess Corporation (NYSE: HES) today announced an eighth oil discovery offshore Guyana at the Longtail-1 exploration well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The well encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940
Stabroek play offers an estimated 3.2 billion BOE Liza Phase 1 Project The Liza phase 1 development is approximately 120 miles offshore of Guyana in water depths of 5000-6200 feet. The play being developed is the Starbroek Block, which is estimated to hold more than 3.2 billion oil-equivalent barrels within its 6.6 million acres. Drilling began in May for the
Exxon Mobil Corporation (ticker: XOM) has discovered its sixth oil reservoir in offshore Guyana since 2015, resulting from the Ranger-1 exploration well. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels, according to Exxon. Exxon said that additional exploration drilling is
Turbo-1 encounters a reservoir of 75 feet of high-quality, oil-bearing sandstone approximately 30 miles from Liza phase one Exxon Mobil Corporation (ticker: XOM) said it has made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. Turbot joins a string of discoveries for XOM in Guyana including Liza, Payara, Snoek and Liza Deep. Exxon said that following completion
In its Payara reservoir, offshore of Guyana, ExxonMobil Corp. (ticker: XOM) discovered an additional accumulation of oil. The discovery increased ExxonMobil’s estimated oil in the Payara reservoir to 500 MMBOE, and the total estimated gross recoverable resource in the Stabroek Block to between 2.25 and 2.75 BBOE. Esso Exploration and Production Guyana Limited, an affiliate company of ExxonMobil, found 59
Hess’ Liza-3 well offshore Guyana confirms a major oil discovery with breakeven below $40 per barrel Hess Corporation (ticker: HES) released its third-quarter earnings Wednesday, reporting a loss of $1.12 per share, but the company also updated the markets on its offshore Guyana project, saying that the company now believes recoverable resources are on the high-end of the company’s previous
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