Redtail oil discovery : ExxonMobil and its partners have pulled off their 18th discovery in the Stabroek Block in Guyanese water following the drilling of the Redtail-1 well.

The latest oil discovery in Guyana adds to the previously announced estimated recoverable resource of over eight billion oil-equivalent barrels in the Stabroek Block.

According to ExxonMobil, the Redtail oil discovery was made after the Redtail-1 wildcat well intersected nearly 232 feet (70 meters) of high-quality oil bearing sandstone after it was drilled in 6,164 feet (1,878 meters) of water by the Noble Don Taylor rig.

The Redtail-1 exploration well is located about 2.5 kilometers northwest of the Yellowtail discovery.

Apart from the Redtail oil discovery, drilling at Yellowtail-2 intersected 69 feet (21 meters) of net pay in newly identified, high quality oil bearing reservoirs among the original intervals of the Yellowtail-1 discovery.

ExxonMobil said that the resource is currently being assessed for development in conjunction with neighboring discoveries.

Commenting on the Redtail oil discovery, Mike Cousins – ExxonMobil senior vice president of exploration and new ventures, said: “Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing efficient opportunities for new projects in Guyana.

“Developing these projects remains an integral part of ExxonMobil and our co-venturers’ long-term growth plans and a source of significant value for Guyana.”

ExxonMobil is the operator of the Stabroek Block with a stake of 45% held by its affiliate Esso Exploration and Production Guyana. The other partners in the offshore Guyanese block are Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).

John Hess – CEO of Hess Corporation, commenting on the Redtail oil discovery, said: “The Redtail-1 and Yellowtail-2 discoveries further demonstrate the significant exploration potential of the Stabroek Block and will add to the recoverable resource estimate of more than 8 billion barrels of oil equivalent.

“Redtail is the ninth discovery in the southeast area of the block which we expect will underpin future development.”

  CNOOC, Esso Exploration and Production Guyana, ExxonMobil, Guyana, Hess Corporation, John Hess, Mike Cousins, Stabroek Block