Exxon and its exploration partners will take more time to plan the next well in the Kaieteur Block, offshore Guyana, to allow additional data analysis.
Kaieteur immediately neighbours Exxon’s prolific Stabroek licence which hosts some 8bn barrels of oil discoveries including the Liza field which came online producing up to 120,000 barrels of crude per day.
Previously at Kaieteur, in November 2020, the Tanager-1 encountered a 16 metre oil column which was determined to be sub-commercial on a standalone basis – it was later estimated to host 65mln barrels of contingent oil resources, which is approximately three-times larger the average new discovery in the UK North Sea.
Exxon will now take until March 2022 to make its next well selection at Kaieteur and it’s said that the seven month extension will allow the integration of extensive multi-play drilling results and comprehensive data collection programs into regional petroleum system models.
The US oil major is the operator of Kaieteur, with a 35% interest, alongside partners Hess (20%), Cataleya Energy (20%), and Ratio Petroleum Energy.
London-listed Westmount Energy Ltd has exposure to the high-impact exploration project via a 5.3% shareholding in Cataleya Energy and a 0.04% interest in Ratio Petroleum.