ExxonMobil Discovers Fifth Oil Reservoir Offshore Guyana

09:39 10/10/2017

The multinational gas and oil company XOM  announced a discovery of a fifth new oil well after drilling the Turbot-1 well located about 30 miles from Liza.

The results from this discovery foreshadow great potential in Exxon’s exploration activities. They have consistently outperformed projections and have shown excitement in their new drilling possibilities.

Turbot-1 began its assignment on August 14, 2017 and was conducted by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. They found 75 foot of high-quality, oil-bearing sandstone.

The well was safely penetrated to 18,445 feet in 5,912 feet of water on September 29, 2017 in the southeastern portion of the Stabroek Block.

Esso Exploration and Production Guyana Ltd is operator and claims 45% of proceeds in the Stabroek Block, which is approximately 6.6 million acres.

President of ExxonMobil, Steve Greenlee said, “ExxonMobil, along with its partners, will continue to further evaluate opportunities on the Stabroek Block.”

XOM  was trading at $76 in August at the launch of Turbot-1 and has increased since then. Share prices rose 7% at the end of September trading at $82 which is a two month high.

Another Turbot well is scheduled for 2018.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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