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STABROEK RESOURCE ESTIMATE INCREASES TO 5 BILLION BARRELS

Updated: Dec 10, 2018


December 3rd, 2018 – Georgetown, Guyana – ExxonMobil has today released updated estimates of recoverable oil-equivalent in the Stabroek block offshore Guyana to 5 billion barrels.


This recent estimate is up from the previous figure of 4 billion barrels, due to further evaluation of existing discovery wells and one new discovery at the Pluma-1 well.

There have now been 10 discovery wells drilled in the Stabroek block. The most recent, the Pluma-1, encountered approximately 121 feet (37 meters) of high quality hydrocarbon-bearing sandstone at a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water. This discovery is the latest in a string of significant finds, which are predicted to continue as the Noble Tom Madden moves on to drill the Tilapia-1, a prospect located west of the original discovery wells.


The estimates more clearly reinforce the potential for 5 FSPOs (Floating Storage, Production and Offloading vessels). These vessels will be producing more than 750,000 barrels of oil per day by 2025. There is the potential for additional FSPOs, pending further discoveries in the block.


“The most recent discovery and subsequent increased resource estimates are impressive, a testament to the technical skill of the ExxonMobil team. Guyana is entering a new era in its history, one that will be defined by how we, as a country and people handle the development of this resource.” – Lars Mangal, CEO, TOTALTEC Oilfield Services.

Continued Mangal, “TOTALTEC is at the forefront of preparing Guyanese to take leading roles in the opportunities that lie ahead. With the increased resource estimate comes an increased need for skilled personnel. The TOTALTEC Academy continues to graduate classes of highly-skilled Guyanese, all of whom leave the academy qualified and motivated.”


About TOTALTEC


TOTALTEC Oilfield Services is focused on the success of the oil industry in Guyana for the benefit the country, its people, and partner companies. It does this through three areas: people, partnerships, and facilities. Qualified and motivated Guyanese develop through the Academy. Partnerships prioritize products and services that are starting points to grow from, in effectively introduce companies new to Guyana. The Guyana Shore Base facility is now supporting offshore operations.


The 94% Guyanese TOTALTEC workforce includes 8 nationalities with over 160 years of international oilfield experience. https://www.totaltec-os.com

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