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Exxon Discovers Even More Oil In Guyana

Discovery & Development

• Exxon (with Hess) has announced another (the 15th) discovery offshore Guyana in the Stabroek block, just days after they started producing first oil from the Liza field (ahead of schedule). The new discovery, Mako-1, uncovered around 164 feet of high-quality oil-bearing sandstone reservoir after drilling in 5,315 feet of water. Without this latest discovery, Stabroek already has over 6 billion boe of gross recoverable resource.

• While Exxon and Hess are tearing it up in Guyana, Tullow stocks are taking another beating on data showing only four meters of net oil pay at its Carapa-1 exploration well in the Guyana Kanuku offshore license. Repsol Exploración Guyana, S.A. is the operator of the Kanuku block with a 37.5% stake. Tullow Guyana B.V. also holds a 37.5% stake with Total E&P Guyana B.V. holding the remaining 25%. This is the second major hit for Tullow in Guyana in recent months (the first was low-quality results in the Orinduik block), and stocks are now diving because analysts view the results as indicative of low likelihood of commercial oil.

• Shell says it’s made a “significant” natural gas discovery offshore Australia at the Bratwurst-1 exploration well. This could tie back to Shell’s Prelude FLNG facility, which is about 160 kilometers from the new discovery. The discovery comes as Shell divests the last of its US Haynesville shale assets.

• Exxon has acquired…


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