ExxonMobil strikes oil offshore Guyana with Stena drillship

U.S.-headquartered energy giant ExxonMobil has made a new oil discovery at the Stabroek block, using a drillship owned by Stena Drilling. This black gold find marks the firm’s first hydrocarbon discovery off the coast of Guyana in 2024.

ExxonMobil’s latest oil discovery at the Bluefin well, which is located approximately 8.5 kilometers southeast of the Sailfin-1 well in the southeastern portion of the Stabroek block, joins the more than 30 already made at this block offshore Guyana since 2015.

Commenting on the new oil discovery, Alistair Routledge, President of ExxonMobil Guyana, highlighted: “Our exploration program continues to improve our understanding of the block’s potential to drive viable oil-and-gas development. This latest find reinforces that we have the people, skills and technology to safely and responsibly deliver value to Guyana from the country’s resources.”

According to the oil major, the Bluefin well encountered around 197 feet (60 meters) of hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX drillship in 4,244 feet (1,294 meters) of water. This drillship recently became the first one to be awarded DNV’s Abate (P) notation, after Stena Drilling implemented an energy management system across its fleet.

ExxonMobil intends to have six FPSOs on the Stabroek block by year-end 2027, with the potential for up to ten FPSOs to develop the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent. The U.S. oil major kicked off production from its third oil development at the block on November 14, 2023.

ExxonMobil Guyana Limited operates the Stabroek block and holds 45% interest while its partners, Hess Guyana Exploration and CNOOC Petroleum Guyana Limited, hold 30% and 25% interest, respectively. Currently, Yellowtail and Uaru, the company’s fourth and fifth projects, are in progress and will each produce approximately 250,000 barrels of oil per day.

ExxonMobil is working with the government of Guyana to secure regulatory approvals for a sixth project at Whiptail. An FPSO, destined to work on ExxonMobil’s fourth oil project in the Stabroek block, left drydock and arrived along the quayside at the Seatrium yard in Singapore last month.