$XOM Exxon, Hess raise Stabroek resource estim
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Posted On: 07/23/2018 11:55:23 AM
$XOM
Exxon, Hess raise Stabroek resource estimate by 25% to 4B boe
Exxon Mobil (NYSE:XOM) and Hess (NYSE:HES) say they now expect the Stabroek oil block offshore Guyana to contain ~25% more recoverable resources than previously estimated.
The project partners raise their estimate of gross discovered recoverable resources for the Stabroek Block, part of one of the world's biggest oil discoveries in the last decade, to more than 4B boe, up from the previous estimate of 3.2B boe.
The increase follows completion of testing at the Liza-5 appraisal well, a discovery at Ranger, incorporation of results from the eighth discovery on the Block at the Longtail exploration well into the Turbot area evaluation, and completion of the Pacora discovery evaluation.
The companies say the evaluation supports a third phase of development and consideration of two additional phases; the collective discoveries at Stabroek to date have established the potential for as many as five FPSO vessels producing more than 750K bbl/day by 2025.
XOM owns a 45% interest in the Stabroek Block, Hess holds 30% and Cnooc's (NYSE:CEO) Nexen Petroleum has a 25% stake; HES +3%, XOM +0.5% premarket.
Exxon, Hess raise Stabroek resource estimate by 25% to 4B boe
Exxon Mobil (NYSE:XOM) and Hess (NYSE:HES) say they now expect the Stabroek oil block offshore Guyana to contain ~25% more recoverable resources than previously estimated.
The project partners raise their estimate of gross discovered recoverable resources for the Stabroek Block, part of one of the world's biggest oil discoveries in the last decade, to more than 4B boe, up from the previous estimate of 3.2B boe.
The increase follows completion of testing at the Liza-5 appraisal well, a discovery at Ranger, incorporation of results from the eighth discovery on the Block at the Longtail exploration well into the Turbot area evaluation, and completion of the Pacora discovery evaluation.
The companies say the evaluation supports a third phase of development and consideration of two additional phases; the collective discoveries at Stabroek to date have established the potential for as many as five FPSO vessels producing more than 750K bbl/day by 2025.
XOM owns a 45% interest in the Stabroek Block, Hess holds 30% and Cnooc's (NYSE:CEO) Nexen Petroleum has a 25% stake; HES +3%, XOM +0.5% premarket.
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