President of ExxonMobil Guyana, Alistair Routledge, reaffirmed its commitment as two major oil discoveries last week boosted the prolific Stabroek Block’s flourishing portfolio.
Alistair Routledge, President of ExxonMobil Guyana – Photo Credit: (OilNow)
Addressing attendees at the first Caribbean Virtual Oil and Gas Summit (CARIVS) on Tuesday, Routledge affirmed that the Stabroek Block continues to be a core investment priority for ExxonMobil and, in keeping with its confidence in Guyana, the company expects to deploy its fifth drillship— the Noble Sam Croft—in the country come December.
“This kind of investment in an exploration and appraisal programme is increasingly rare for companies in the current market conditions, and it shows the commitment we have made to Guyana. We expect to be here for several decades, and that perspective guides our investment decisions today,” Routledge said.
The company’s offshore discoveries in the Stabroek Block have risen rapidly, and the newly found, high-quality oil-bearing Redtail and Yellowtail-2 reservoirs raised to 18 the total number of findings since 2015.
The quantity of these finds and the oil quality in the reservoirs underscore Guyana’s key role in Exxon’s future development plans.
Earlier this year, the company increased the estimated reserves of the Stabroek Block to over 8 billion oil-equivalent barrels. This estimate is expected to grow even more when its 16th, 17th, and 18th discoveries this year—Urau, Yellowtail-2, and Redtail —are considered.
“These…discovered resources are a necessary foundation for future development opportunities in Guyana, which are a key part of our long term growth plans and have the potential to be a source of significant value for ExxonMobil, our partners, and especially, Guyana,” Routledge said.
He added that it is a complex process built on years of experience while noting that the foundation for these discoveries was the company’s upfront investment and the high quality of its proprietary seismic data and proprietary technology.
Routledge also told the CARIVS Summit that Exxon is drilling a well at the Kaieteur Block adjacent to the Stabroek Block at Tanager-1, which he described as a “unique and exciting” prospect.
If the Tanager well is a success, he said it would open multiple new opportunities in Guyana’s oil and gas sector. ExxonMobil is also preparing to drill its first well on the Canje Block, early next year.
[Extracted and modified from OilNow]
