Stabroek Block estimated value increases to 3.2 billion barrels

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Following the discovery of high bearing oil reservoir at the Ranger-1 field, the Stabroek Block offshore Guyana is now being estimated to contain 3.2 billion recoverable oil-equivalent barrels of oil.

ExxonMobil on Friday announced positive results from its Ranger-1 exploration well, marking its sixth oil discovery offshore Guyana since 2015.

ExxonMobil’s Senior Director of Public and Government Affairs, Kimberly Brasington

According to an article published by the Department of Public Information (DPI), Exxon’s Public and Government Affairs Director, Kimberley Brasington said “we felt confident to increase our estimate for the Stabroek Block so that’s the five finds to date (Liza, Liza Deep, Payara, Turbo, and Snoek) it doesn’t include Ranger.”’

The company said its affiliate Esso Exploration and Production Guyana Ltd. began drilling the Ranger-1 well on November 5, 2017 and encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water.

The DPI quoted Brasington as saying the most recent find is “a carbonate reservoir as opposed to sandstone” which the other discoveries were.

Explaining the difference between these two distinctions, Brasington told the government’s information arm that “A carbonate play…it’s more porous and so it’s similar to a reef that…hardens over time. That is the difference…the sandstone is tighter. It’s just a completely different geology than we have discovered in the Stabroek block to date.”

She also noted that it is too early to quantify the new find.

“We will drill another appraisal well, a Ranger-2 well, in 2018 that will help us determine the full commerciality of Ranger and identify the size of it,” she said.

Meanwhile, the discovery has increased confidence among Exxon and its partners, CNOOC Nexen and Hess Corporation, for exploring the Stabroek Block.

Brasington said that Exxon remains committed to transparency even as it continues exploration and development of the Stabroek Block.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block.

Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

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