Stabroek reservoirs rank among the best in the world – Hess
― “the wells can be drilled in approximately one-third of the time and cost of those in the deep-water Gulf of Mexico”
DPI, Guyana, Thursday, June 6, 2019
The deep-water reservoirs in Guyana’s Stabroek Block have been ranked among the best in the world for quality and are expected to deliver high productivity.
Information released in an article first published by OilNOW, a local oil and gas news site, quoted Chairman and CEO of Hess Corporation, John Hess, as saying: “The reservoirs rank among the highest quality in the world with high porosity and permeability that are expected to deliver very high recovery factors and production rates.”
According to the article, Hess made these remarks during his address at the Bernstein 35th Annual Strategic Decisions Conference held on May 29 in New York.
The Stabroek Block is expected to produce more than 5.5 billion barrels of oil. Thus far, 13 significant discoveries have been made since 2015 in Guyana and since the producing horizons are relatively shallow, “the wells can be drilled in approximately one-third of the time and cost of those in the deep-water Gulf of Mexico,” the article further quoted Hess saying to those gathered at the conference.
Furthermore, that development is set to occur “at what is expected to be the bottom of the offshore cost cycle. ExxonMobil, as the operator, is one of the most experienced project managers in the world, which significantly reduces execution risk.”
Oil production is expected to begin in Guyana by 2020 with projected 120,000 barrels per day from the Liza Phase 1 Development project. This will be closely followed by the Phase 2 development in 2022, pegged at 220,000 barrels per day.
Image: Department of Public Information