ExxonMobil says eighth well discovery still to be quantified

ExxonMobil’s Public and Government Affairs Advisor, Kimberly Brasington

ExxonMobil yesterday withdrew its 3.7B barrels of oil reserves declaration for the Stabroek Block saying that its eighth well discovery, Longtail is still under evaluation.

“The current estimate for the Stabroek Block of 3.2 billion barrels of oil equivalent plus the estimated recoverable resources of Turbot and Longtail of 500 million barrels of oil equivalent don’t actually add up to 3.7 billion barrels of oil equivalent,” ExxonMobil’s Public and Government Affairs Advisor, Kimberly Brasington said yesterday.

“The current estimate for the Stabroek Block is more than 3.2 billion barrels of oil equivalent. We don’t have an updated estimate right now to share as we need more data. The Longtail and Ranger drilling results are under evaluation. However, the combined estimated recoverable resources of Turbot and Longtail will exceed 500 million barrels of oil equivalent. Turbo is included in the previously stated 3.2 billion barrels of oil equivalent number,” she added.

In response to questions from this newspaper on Wednesday, Brasington said she inadvertently gave the 3.7B barrels of oil figure.

As it stands, with an eighth oil find  in the Guyana basin and its  largest discovery still to be quantified, the company’s total for the six wells stands at its prior 3.2 billion recoverable oil-equivalent barrels, even as it accelerates work in the zone by adding a third drillship.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is the operator and holds a 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds a 25 percent interest.

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