Exxon Mobil Corporation (NYSE:XOM) has announced a groundbreaking oil and gas discovery in the prolific Stabroek block offshore Guyana, unveiling the significant potential of the region’s resources.
Named Bluefin, this new find represents ExxonMobil’s first disclosed discovery in Guyana for 2024, poised to enhance the company’s oil production capabilities significantly.
Situated in the southeastern region of the Stabroek block, the Bluefin well was drilled in 4,244 feet of water by the Stena Drillmax drillship. It encountered approximately 197 feet of hydrocarbon-bearing sandstone, indicating a substantial addition to ExxonMobil’s resource base in the area. While specific estimates of recoverable reserves from this discovery are yet to be determined, it marks a significant milestone in ExxonMobil’s exploration efforts.
The Stabroek block, spanning an impressive 6.6 million acres, has been a focal point for ExxonMobil since its landmark discovery in 2015. This area is believed to hold more than 11 billion barrels of recoverable oil and gas, establishing it as a crucial asset in ExxonMobil’s portfolio. The Bluefin discovery adds to the more than 30 finds made since 2015 in the Stabroek block.
ExxonMobil commenced crude production in Guyana in 2019, and its current production levels have reached approximately 650,000 barrels per day. With plans to double production to 1.2 million barrels per day by 2027, Guyana is set to rival the production levels of OPEC member Angola, signifying a significant transformation in the global oil landscape.
In addition to its oil ventures, ExxonMobil is exploring the potential for its first offshore natural gas production in Guyana. This venture, located near the maritime border with Suriname, marks the consortium’s seventh project in Guyana.
The Bluefin discovery and ExxonMobil’s ambitious development plans underscore the growing importance of Guyana in the international oil and gas industry. As ExxonMobil continues to advance these resources, the world will closely monitor Guyana’s emergence as a key player in the energy market.
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