ExxonMobil Starts New Drilling Offshore Guyana

The Stena Carron drillship is drilling the Haimara-1 well.

GEORGETOWN, Guyana, Tuesday January 8, 2019 – US energy company ExxonMobil has started drilling one of two new exploration wells offshore Guyana. It’s the first of two wells to be drilled this month.

The world’s
largest publicly traded international oil and gas company said in a
statement yesterday that the Stena Carron drillship is drilling the Haimara-1 well,
located 19 miles east of the Pluma-1 discovery in the southeast Stabroek Block.

The development comes just
over two weeks after ExxonMobil suspended its seismic data gathering activities
in the northwest portion of the Stabroek
Block, when a contracted vessel was
confronted by the Venezuelan navy. The oil company says drilling and
development operations offshore Guyana have been unaffected by the December 22 incident,
which occurred more than 110 kilometres from the Ranger discovery, the closest
of 10 discoveries made by ExxonMobil in the southeast section of the Stabroek
Block.

The Noble Tom Madden drillship is expected to drill the second well, Tilapia-1, about three miles (five kilometres) west of the Longtail-1 discovery. The Tilapia-1 well is located in the growing Turbot area.

“We continue to prioritize high-potential
prospects in close proximity to previous discoveries in order to establish
opportunities for material and efficient development,” said Steve Greenlee,
president of ExxonMobil Exploration Company. “Like the Liza and Payara areas,
the Turbot area is on its way to offering significant development options that
will maximize value for Guyana and our partners.”

ExxonMobil is progressing the Liza Phase 1
development, which has moved into its peak execution phase ahead of expected
startup in early 2020. Drilling of development wells in the Liza field is
continuing using the Noble Bob Douglas drillship, subsea equipment is being
prepared for installation, and the topside facilities modules are being
installed on the Liza Destiny floating, production, storage and offloading
(FPSO) vessel in Singapore.

Preparations are underway for the
commencement of pipe-laying activities in the Liza field in the spring. The
Liza Destiny FPSO is expected to sail from Singapore to arrive offshore Guyana
in the third quarter of 2019.

ExxonMobil said the potential exists for at least five
FPSOs on the Stabroek Block producing more than 750,000 barrels of oil per day
by 2025.

Liza Phase 2 is expected to start up by mid-2022.
Pending government and regulatory approvals, project sanction is expected first
quarter 2019 and will use a second FPSO designed to produce up to 220,000
barrels per day. Sanctioning of a third development, Payara, is also expected
in 2019 with start up as early as 2023.

ExxonMobil also plans to deploy a seismic
vessel operated by Petroleum Geo-Services
to the Turbot area to acquire 4-D seismic data similar to a 4-D campaign
conducted in the Liza area in 2017.

The company operates the Stabroek Block offshore Guyana under license from the government. Its affiliate, Esso Exploration and Production Guyana Limited, is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.

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