No Oil in Latest Well, But ExxonMobil Not Disheartened About Guyana Prospects
GEORGETOWN, Guyana, Saturday April 28, 2018 – ExxonMobil is optimistic about the prospects for finding more oil in Guyana’s waters even though the most recent well did not turn up commercial quantities.
ExxonMobil’s Government and Public Affairs Senior Director Kimberly Brasington has revealed that the company had not found any hydrocarbon in the Sorubim well.
Dry wells are not uncommon in the oil and gas industry. In fact, the industry standard success rate is one in five when drilling for oil and gas in deep water offshore operations. The first dry well was encountered in September 2016
“While we’ve had really great success to date, we’ve beaten the industry standard and the rate of success in the past two years,” Brasington said of ExxonMobil’s operations in Guyana.
Sorubim is located in the Stabroek Block, where seven successful discoveries were previously made. It was drilled by the Nobel Bob Douglas, which arrived in Guyana recently to drill the 17 wells for the Liza Development.
“The Bob Douglas will finish this well in the next few days and then it will move on to start development drilling,” Brasington said. The Stena Caron is currently drilling Liza Five for information purposes. The Stena Caron will continue exploration drilling for ExxonMobil.
Meantime, Minister of State Joseph Harmon announced that two World Bank experts will be conducting workshops to build Guyana’s oil and gas capacity as part of a US$20 million grant.
They will first meet with all government ministers and Members of Parliament, including the Opposition at a high-level workshop on the Sovereign Wealth Fund (SWF) on May 21, which will focus on fiscal arrangements, rules and best practices of SWFs.
Work on Guyana’s SWF legislation has been ongoing since 2016. The government says it is on track to have the SWF in place before oil production starts in 2020.