ExxonMobil Guyana announces new discovery | ExxonMobil (2024)

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ExxonMobil Guyana announces new discovery | ExxonMobil? ›

ExxonMobil Guyana today announced a discovery at Bluefin in the Stabroek block offshore Guyana, the company's first discovery of 2024. The Bluefin well encountered approximately 197 feet (60 metres) of hydrocarbon-bearing sandstone and was drilled by the Stena Drillmax drillship in 4,244 feet (1,294 metres) of water.

The Bluefin well, drilled by the Stena Drillmax drillship in 1,294m of water, encountered approximately 60m of hydrocarbon-bearing sandstone. This discovery is located around 8.5km south-east of the Sailfin-1 well.

Guyana's most recent estimate of recoverable oil and natural gas resources is more than 11 billion oil-equivalent barrels, and developers are still exploring the country's offshore waters.

ExxonMobil has started working on the next two planned developments in the Stabroek block offshore Guyana, as the US supermajor continues to exploit massive oil and gas volumes from the prolific play.

ExxonMobil Corp. says it found new oil in the waters off Guyana, the South American nation neighboring Venezuela where major oil discoveries have been made recently. The discovery, called Bluefin, in the Stabroek block offshore Guyana is the company's first new find of 2024.

ExxonMobil explains that the Whiptail development offshore Guyana, which represents its sixth project on the Stabroek block, is expected to add approximately 250,000 barrels of daily capacity by the end of 2027. This $12.7 billion project will encompass up to ten drill centers with 48 production and injection wells.

The main destination of Crude Petroleum exports from Guyana are: Panama ($5.84B), Netherlands ($2.81B), United States ($2.09B), Italy ($1.14B), and Germany ($1.04B). The fastest growing export markets for Crude Petroleum of Guyana between 2021 and 2022 were Panama ($5.02B), Netherlands ($2.74B), and Italy ($1.14B).

ExxonMobil's latest oil discovery at the Bluefin well, which is located approximately 8.5 kilometers southeast of the Sailfin-1 well in the southeastern portion of the Stabroek block, joins the more than 30 already made at this block offshore Guyana since 2015.

US oil and gas giant ExxonMobil will shut down two offshore oil production projects in Guyana for two weeks each between July and August to connect a natural gas pipeline.

Exxon Mobil stock price stood at $112.76

According to the latest long-term forecast, Exxon Mobil price will hit $125 by the end of 2024 and then $150 by the end of 2026. Exxon Mobil will rise to $200 within the year of 2030 and $250 in 2035.

Is Guyana a rich or poor country? ›

Is Guyana considered a rich country? - Quora. No. Their GDP per capita is $5000, compared with a country like America who has a GDP per capita of $75000. Although it is still an interesting country.

Even though Guyana has already surpassed by production its more oil-experienced neighbours, Trinidad & Tobago and Suriname, according to 2022 data; there are some lessons to learn.

The name "Guyana" derives from Guiana, an earlier name for a larger region that included the areas now called Guyana (British Guiana), Suriname (Dutch Guiana), French Guiana, the Guayana Region in Venezuela (Spanish Guyana), and Amapá in Brazil (Portuguese Guiana).

Guyana's tax agency is taking Exxon Mobil Corp. to court after one of the company's suppliers said it mistakenly inflated the value of oil-well equipment by 200 times to about $12 billion.

The cumulative spend of ExxonMobil Guyana and its contractors with Guyanese suppliers since 2015 surpassed $1.5 billion at the end of 2023.

Explorer Christopher Columbus sighted the Guyana coast in 1498, and Spain subsequently claimed, but largely avoided, the area between the Orinoco and Amazon deltas, a region long known as the Wild Coast. It was the Dutch who finally began European settlement, establishing trading posts upriver in about 1580.

Exxon Mobil Corp. formally approved its sixth Guyanese oil development that will make the Latin American nation a bigger crude producer than OPEC member Venezuela. The Whiptail project will cost $12.7 billion and produce about 250,000 barrels a day as soon as the end of 2027, Exxon said in a statement Friday.