XOM, Hess announce 6th oil discovery offshore Guyana

ExxonMobil (XOM) and Hess Corp. both announced their sixth oil discovery since 2015 off the coast of Guyana in South America.

ExxonMobil’s Ranger-1 exploration well adds to the supermajor’s 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.

ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Ranger-1 well on Nov. 5, and encountered roughly 230 feet of oil-bearing carbonate reservoir, with the well drilled to 21,161 total feet in 8,973 feet of water.

“This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities,” said Steve Greenlee, president of ExxonMobil Exploration. “This discovery proves a new play concept for the 6.6-million-acre Stabroek Block, and adds further value to our growing Guyana portfolio.”

Following completion of the Ranger-1 well, the Stena Carron drillship will move to the Pacora prospect, four miles from the Payara discovery, Kallanish Energy learns.

The Stabroek Block is 6.6 million acres. Esso Exploration is operator and holds a 45% interest in the Stabroek Block. Hess Guyana Exploration holds a 30% interest and CNOOC Nexen Petroleum Guyana holds a 25% interest.

“The Ranger oil discovery demonstrates that the petroleum system is working in a new geologic play in the Guyana Basin, more than 60 miles northwest of Liza, and reaffirms the extraordinary exploration potential of the Stabroek Block,” Hess CEO John Hess said. “We believe the investment opportunity in Guyana offers industry-leading financial returns and will create significant value for our shareholders for many years to come.”

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