The Petroleum Products Pricing Regulatory Agency (PPPRA ) has announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre. The PPPRA in its memo titled “A.4/9/017/C.2/IV/701 31“, also disclosed that the ex-depot price band is now N100. 13 and […]
U.S. oil major ExxonMobil can’t stop finding oil in Guyana. After a string of discoveries in the past two years, the company on Wednesday said it had made two additional discoveries offshore Guyana at the Tilapia-1 and Haimara-1 wells, bringing the total number of discoveries on the Stabroek Block to 12.
The discoveries build on the previously announced estimated recoverable resource of more than 5 billion oil-equivalent barrels on the Stabroek block.
Exxon has said that the Tilapia-1 is the fourth discovery in the Turbot area that includes the Turbot, Longtail and Pluma discoveries. Tilapia-1 encountered approximately 305 feet (93 meters) of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 18,786 feet (5,726 meters) in 5,850 feet (1,783 meters) of water. The well is located approximately 3.4 miles (5.5 kilometers) west of the Longtail-1 well.
The Noble Tom Madden drillship began drilling the well on January 7, and will next drill the Yellowtail-1 well, approximately six miles (10 kilometers) west of Tilapia-1 in the Turbot area. Baseline 4-D seismic data acquisition is underway.