High Quality Reservoir Discovered in Guyana
On February 28, 2018, ExxonMobil confirmed that the Pacora-1 NFW detected 20m of high-quality, oil-bearing sandstone in the offshore Stabroek Block in Guyana. The well spudded on January 29, 2018 with the Stena Carron drillship and was drilled to a TD of 5,597m in 2,067m of water. This latest Guyana-Suriname Basin well is located about 6.2 km north-west of the Payara discovery, in an area covered by 3D seismic, recently acquired by PGS. The Pacora resources will therefore be incorporated for development into those of the giant Payara field, which is planned as the third development offshore Guyana.
Petroleum Production Phase for Offshore Guyana
ExxonMobil and its partners have a multi-phase development plan for the Stabroek Block, which will help take Guyana’s forecast petroleum production to more than 500,000 bopd in the coming years. The Payara discovery was announced in January 2017, with the discovery well encountering more than 29m of high-quality, oil-bearing sandstone reservoirs. Looking ahead, ExxonMobil has laid out a potential multi-FPSO development solution for its Stabroek Block. The company is progressing with selecting the floating production concept for the development of Pacora and Payara, which could be sanctioned by 2023–2024.
This will follow the first project, Liza Phase 1, which is on track for March 2020, with development drilling beginning in 2018, and the second project, Liza Phase 2, planned for 2022 utilizing a multi-FPSO development solution. ExxonMobil operates the block with 45% WI, Hess with 30% and Nexen (CNOOC) with 25%.
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