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ExxonMobil prepares to develop new oil wells in Guyana

ExxonMobil prepares to develop new oil wells in Guyana

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Bulletwood-1 is the first of three wells planned to be drilled in the Canje block in 2021.

The well was drilled in January 2021, and the results were announced later last week. ExxonMobil failed to find commercial oil and gas in the Bulletwood-1 well.

The well was drilled using the Stena Carron drilling ship, with a planned target depth of 6690 meters. The same drilling ship is currently drilling the second exploration well Jabillo-1.

The Canje block is currently operated by ExxonMobil’s subsidiaries Esso Exploration & Production Guyana Limited (35%), Total (35%), JHI (17.5%) and Mid-Atlantic Oil and Gas Company (12.5%).

Since Westmount owns approximately 7.7% of the issued share capital of JHI, Westmount indirectly holds an interest in the Canje block.

After selling the farm to Total in 2018, JHI funded the drilling of the Jabillo-1 well and provided funding for the drilling of other oil wells.

Westmount Energy pointed out in Tuesday’s update that the Guyana Maritime Management Department announced that the Stena Carron drilling ship will begin drilling operations at the Jabillo-1 well site on March 10, 2021.

According to Westmount, jabilo -1 is a block with approximately 1 billion barrels of oil reserves, and the target is the bottom fan of the basin during the Late Cretaceous.