New Oil Discoveries

On 13th January 2017, ConocoPhillips Alaskan unit announced a big discovery in Alaska. The Willow discovery lies in the COP’s Greater Mooses Tooth (“GMT”) unit and consists of two wells which encountered 72 feet and 42 feet of net pay. 3-D seismic appraisal work will start this month, however initial estimates indicate the discovery could contain a recoverable oil potential of 300 million barrels of oil. As a result, Willow could produce up to 100,000 bpd of oil and first oil could come by 2023 due to time lapse from securing permit approvals, seismic  appraisal and reservoir development plan.

ConocoPhillips has a 78% working interest in the play while Anadarko Petroleum holds a 22% interest.

100,000 boe/d in a harsh climate like Alaskan is no small feat but Conoco Phillips would live up to the challenges.

Jan 12th 2017, Oil & Gas Journal:

Esso Exploration & Production Guyana Ltd. (EEPGL) encountered more than 95 ft of oil-bearing sandstone in its Payara-1 well, which was drilled about 10 miles northwest of the Liza-1 discovery . The well was drilled to 18,080 ft in 6,660 ft of water. This makes ExxonMobil Corp.’s second oil discovery on the Stabroek block. The well was drilled in a new reservoir that was similar in age to that of the original Liza discovery.

In addition to the Payara discovery, the operator’s Liza-3 well has identified an additional, deeper reservoir directly below the Liza field, the company said. The new reservoir is estimated to contain 100-150 MMboe.

The operator spudded its Payara well on Nov. 12, 2016, with initial total depth reached on Dec. 2. According to ExxonMobil, two sidetracks have been drilled to evaluate the discovery and a well test is under way.

Liza field is on the 27,000-sq-km Stabroek block, 193 km offshore Guyana with a potential resource estimate of more than 1 billion boe. In December 2016, the operator let contracts to SBM Offshore NV for a floating production, storage, and offloading vessel for Liza field. The project is subject to a final investment decision this year.

EEPGL is operator and holds 45% interest in the block. Partners are Hess Guyana Exploration Ltd. with 30% interest and CNOOC Nexen Petroleum Guyana Ltd. with 25%.

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