Pacora oil discovery : ExxonMobil has pulled off another oil discovery in the Stabroek Block, offshore Guyana after drilling the Pacora-1 exploration well.

Partnered by Hess and CNOOC Nexen Petroleum Guyana, ExxonMobil had drilled the prospect for almost a month before striking oil as per the latest oil and gas industry news.

The Pacora-1 exploration well was drilled by the Stena Carron drillship to a depth of 18,363 feet in water depth of 6,781feet when it had intersected approximately 65 feet of oil-bearing sandstone reservoir.

Pacora-1, which is located four miles from the Payara-1 well, in the west, marks the seventh oil discovery on the Guyana offshore block Stabroek after the Liza, Payara, Liza Deep, Snoek, Turbot and Ranger oil discoveries.

Commenting on the Pacora oil discovery offshore Guyana, Steve Greenlee – President of ExxonMobil Exploration, said: “This latest discovery further increases our confidence in developing this key area of the Stabroek Block.

“Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day.”

John Hess – CEO of Hess, adding more on the Pacora oil discovery offshore Guyana, said: “The giant Payara field, which is planned as the third development offshore Guyana, will now include Pacora resources – increasing the size of the FPSO and bringing expected gross production from the first three phases of development to more than 500,000 barrels of oil per day.

“The Pacora oil discovery reaffirms the remarkable exploration potential of the Stabroek Block.”

ExxonMobil via its affiliate Esso Exploration and Production Guyana with a stake of 45% is the operator of the Stabroek Block. Hess owns a stake of 30% in the Guyana offshore block via its subsidiary Hess Guyana Exploration while CNOOC Nexen Petroleum Guyana holds the remaining stake of 25%.

The Pacora oil discovery comes on the heels of the Ranger-1 discovery made in January by the partners.

As per the latest oil and gas industry news, ExxonMobil and its partners have scheduled the Stena Carron drillship for more drilling operations on the Stabroek Block for the rest of the year.

  CNOOC Nexen Petroleum Guyana, Esso Exploration and Production Guyana, ExxonMobil, Guyana, Hess Corporation, Hess Guyana Exploration, Oil and gas news, Pacora oil discovery, Pacora-1 exploration well, Stabroek Block