Thursday, Sep 16, 2021
International Finance
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Exxon makes new discovery at Whiptail in the Stabroek Block offshore Guyana

Exxon Guyana_IFM_Image
The Whiptail discovery is located approximately 4 miles southeast of the Uaru-1 discovery

US-based multinational oil and gas company ExxonMobil has announced a discovery at Whiptail in the Stabroek Block offshore Guyana, according to media reports. The discovery is located approximately 4 miles southeast of the Uaru-1 discovery.

Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil told the media, “This discovery increases our confidence in the resource size and quality in the southeast area of the Stabroek Block and could form the basis for a future development as we continue to evaluate the best sequence of development opportunities within the block.”

Earlier this month, it was reported that Exxon Mobil signed a memorandum of understanding to participate in a carbon capture and storage (CCS) project in Scotland. The project plans to capture and store approximately 5-6 million tonnes of carbon dioxide a year by 2030 from gas terminals at the St Fergus complex at Peterhead.

Last week, oil prices skyrocketed to a three-year high earlier this week as the Organisation for Petroleum Exploring Countries and its partners (OPEC+) abandoned a meeting, which means a deal to boost production has not been reached. Several days of negotiations failed to resolve a dispute between the Kingdom of Saudi Arabia and the UAE.

A Video conference was held last week between the 13 members of OPEC, followed by a technical meeting and discussions between the 23 members of OPEC+.

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