ExxonMobil proceeds with appraisal drilling at its Guyana Ranger discovery

ExxonMobil is moving forward with its appraisal drilling at Guyana’s Ranger discovery following some great numbers reported. The ExxonMobil discovery has led the American oil giant to start the drilling process offshore in Guyana, which is still one of the poorest countries in the world, despite the significant financial injection that ExxonMobil has brought to the nation following the discovery of the oil reservoir in the South American nation. The region is universally known for its huge untapped natural resources, and ExxonMobil wants to get ahead of the curve.

ExxonMobil has been operating in the country for a long time already

ExxonMobil started its initial operations in the South American nation way back in 2008, and since then has discovered several oil reservoirs dotted all around the country. And the American oil giant is not known for its slow approach to oil drilling. ExxonMobil quickly pounced on the opportunity to pursue further oil drilling operations in the country.

In 2008, ExxonMobil started its initial search for oil in the country, and when it made its first discovery in the Liza-1 Well in 2015, they were off to the races, so to speak. The company makes use of 3-D seismic data to explore potential prospects for further research before starting the irreversible process of drilling for natural resources.

Now that the initial first phase has led to ExxonMobil ramping up its search and exploration activities in the region, and the nation of Guyana is the gift that just keeps on giving, to ExxonMobil, to be clear. The search efforts were rewarded when, in 2018, they made a discovery and named the well Ranger. It is ExxonMobil’s sixth oil discovery in the Stabroek Block.

The Ranger-1 well represents a new hope for the American oil giant

The region in South America has seen several energy corporations exploring and drilling new wells to tap into the region’s vast oil deposits that are readily available. They just need to be found. With the emerging renewable energy market serving up some stiff competition, these types of discoveries of new oil deposits in the sea can level the playing field slightly.

ExxonMobil affiliate Esso Exploration and Production Guyana began drilling operations for the Ranger-1 well on November 5, 2017, and discovered roughly 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was drilled to 21,161 feet (6,450 meters) in 8,973 feet (2,735 meters) of water. If you are looking for that elusive black gold, you need to search deep under the sea.

“This discovery proves a new play concept for the 6.6 million-acre Stabroek Block, and adds further value to our growing Guyana portfolio. – Steve Greenlee, president of ExxonMobil Exploration Company

The Hess Guyana Exploration organization holds a 30 percent stake in the Ranger well, and its CEO has applauded the discovery and states that this represents the astonishing exploration taking place in the region.

“The Ranger oil discovery demonstrates that the petroleum system is working in a new geologic play in the Guyana Basin more than 60 miles northwest of Liza, and reaffirms the extraordinary exploration potential of the Stabroek Block.” – Hess Corporation CEO, John Hess

The Guyana government is keen to boost oil production in the region

The discovery has laid the groundwork for new and exciting projects in the future, and the Guyana government has welcomed the expansion and exploration efforts. The country’s Prime Minister, Moses Nagamootoo, gave his understanding on the discovery and what it could mean for his country by saying, “This new find is like an inverted triangle, upside down and deep, and billions of barrels of oil would be harvested from this find.” Guyana is not a rich country by any stretch of the imagination, but that could change if more discoveries are made.