Exxon Mobil fails to encounter oil at Hassa-1 exploration well

Exxon Mobil has reportedly failed to find hydrocarbon resources following drilling at the Hassa-1 exploration well in the Stabroek block offshore Guyana.

Covering 6.6 million acres, the Stabroek Block is owned and operated by ExxonMobil affiliate Esso Exploration and Production Guyana with a 45% stake while Hess Guyana Exploration and CNOOC Petroleum Guyana respectively hold 30% and 25% interests.

So far, 18 discoveries were made in the block, totalling more than eight billion barrels of recoverable oil and gas, according to Reuters.

ExxonMobil Guyana Public and Government Affairs Advisor Janelle Persaud was reported by OilNOW as saying in a statement: “The Hassa-1 exploration well in the Stabroek block did not encounter hydrocarbons in the primary target reservoirs.

“However, the well did encounter hydrocarbons in other intervals.”

“This serves as a reminder that geologic risk is inherent to frontier oil and gas exploration activities. Nonetheless, ExxonMobil remains committed to evaluating the potential in our offshore Guyana blocks using our world-class technology and technical capabilities.”

In November, Exxon announced that the oil discovery made earlier at the Tanager-1 well in the Kaieteur block offshore Guyana was considered to be non-commercial as a stand-alone development.

ExxonMobil subsidiary Esso Production & Exploration Guyana operates the Kaieteur block, which is adjacent to Stabroek block, with a 35% stake. Cataleya Energy and Ratio Guyana each hold 25% interests while Hess owns the remaining 15% stake in Kaieteur block.

Westmount owns 5.4% of the issued share capital of the parent company of Cataleya Energy and about 0.7% of the issued share capital of Ratio Petroleum Energy Limited Partnership.

Exxon Mobil and its partners are currently operating the Liza-1 production well in the Stabroek block. The well has a current production capacity of 120,000bpd, reported Reuters.

Read the latest issue of the OGV Energy magazine HERE.