Exxon Mobil and Hess Corp. said Wednesday they’ve made their seventh oil discovery in the developing offshore fields of Guyana in northeastern South America.
The find at the new Pacora-1 exploration represents the continuation of emerging oil development off the coast of the Latin American country, which is immediately east of Venezuela, where political and economic instability have led to declining crude production there.
Exxon Mobil, headquartered in Irving, and Hess of New York said they hit oil at a well drilled more than 18,000 feet at a deepwater depth of nearly 7,000 feet. The discovery is about four miles west of its Payara-1 well and follows recent discoveries on the offshore Stabroek block in the Liza, Payara, Liza Deep, Snoek, Turbot and Ranger fields, the last of which found oil in January.
This is their seventh discovery offshore of Guyana made within the last three years. They are expecting to start consistently producing oil from some of these discoveries no later than 2020.
“This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil. “Pacora will be developed in conjunction with the giant Payara field and, along with other phases, will help bring Guyana production to more than 500,000 barrels per day.”
Just the first three phases of development, including Liza and Payara, are projected to produce those 500,000 barrels of crude oil a day, said Hess CEO John Hess.
“The Pacora oil discovery reaffirms the remarkable exploration potential of the Stabroek Block,” Hess added.