Crude Oil Production in Venezuela increased to 1464 BBL/D/1K in November from 1433 BBL/D/1K in October of 2018. Crude Oil Production in Venezuela averaged 2400.67 BBL/D/1K from 1973 until 2018, reaching an all time high of 3453 BBL/D/1K in December of 1997 and a record low of 594 BBL/D/1K in January of 2003.
Forecast:
Crude Oil Production in Venezuela is expected to be 1370.00 BBL/D/1K by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Crude Oil Production in Venezuela to stand at 1180.00 in 12 months time. In the long-term, the Venezuela Crude Oil Production is projected to trend around 1500.00 BBL/D/1K in 2020, according to our econometric models.
USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
This is the first assessment of continuous resources in the Wolfcamp shale and Bone Spring Formation in the Delaware Basin portion of the Permian.
The Wolfcamp shale in the Midland Basin portion of the Permian Basin province was assessed separately in 2016, and at that time it was the largest assessment of continuous oil conducted by the USGS. The Delaware Basin assessment of the Wolfcamp Shale and Bone Spring Formation is more than two times larger than that of the Midland Basin.
USGS Identifies Largest Continuous Oil and Gas Resource Potential Ever
Assessment units for the Wolfcamp Shale and Bone Spring Formation of the Delaware Basin.
(Public domain.)
WASHINGTON - Today, the U.S. Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico's Permian Basin province contain an estimated mean of 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey (USGS). This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.
"Christmas came a few weeks early this year," said U.S. Secretary of the Interior Ryan Zinke. "American strength flows from American energy, and as it turns out, we have a lot of American energy. Before this assessment came down, I was bullish on oil and gas production in the United States. Now, I know for a fact that American energy dominance is within our grasp as a nation."
ExxonMobil Increases Stabroek Resource Estimate to 5 Billion Barrels; Makes 10th Discovery | Seeking Alpha
Reinforces potential for at least five floating storage, production and offloading vessels producing more than 750,000 barrels of oil per day by 2025
Pluma-1 well represents 10th discovery
ExxonMobil Increases Stabroek Resource Estimate to 5 Billion Barrels; Makes 10th Discovery
More than 5 billion recoverable oil-equivalent barrels discovered in less than four years
Reinforces potential for at least five floating storage, production and offloading vessels producing more than 750,000 barrels of oil per day by 2025
Pluma-1 well represents 10th discovery
IRVING, Texas--(BUSINESS WIRE)-- ExxonMobil said today it made its 10th discovery offshore Guyana and increased its estimate of the discovered recoverable resource for the Stabroek Block to more than 5 billion oil-equivalent barrels.
The resource estimate, up from the previous estimate of more than 4 billion oil-equivalent barrels, is a result of further evaluation of previous discoveries and includes a new discovery at the Pluma-1 well.
"The discovery of a resource base of more than 5 billion oil-equivalent barrels in less than four years is a testament of our technical expertise and rigorous evaluation and pursuit of high-potential, high-risk opportunities in this frontier area," said Neil Chapman, ExxonMobil senior vice president. "We will continue to apply what we've learned to identify additional exploration prospects and potential future discoveries that will deliver significant value to Guyanese people, our partners and shareholders."
The Pluma-1 well encountered approximately 121 feet (37 meters) of high-quality hydrocarbon-bearing sandstone reservoir. Pluma-1 reached a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water. The Noble Tom Madden drillship began drilling on Nov. 1. The well is located approximately 17 miles (27 kilometers) south of the Turbot-1 well. The Noble Tom Madden will next drill the Tilapia-1 prospect located 3.4 miles (5.5 kilometers) west of the Longtail-1 well.
"Together with the government and people of Guyana, we are continuing to grow the value of the Stabroek Block for Guyana, our partners and ExxonMobil with successful exploration investments," said Steve Greenlee, president of ExxonMobil Exploration Company. "Our ongoing work will evaluate development options in the southeastern portion of the block, potentially combining Pluma with prior Turbot and Longtail discoveries into a major new development area."
The Liza Phase 1 development is expected to begin producing up to 120,000 barrels oil per day by early 2020, utilizing the Liza Destiny floating storage, production and offloading vessel (FPSO). As previously announced, Liza Phase 2 is expected to start up by mid-2022. Pending government and regulatory approvals, Liza Phase 2 project sanction is expected in early 2019 and will use a second FPSO designed to produce up to 220,000 barrels per day. Sanctioning of a third development, Payara, is also expected in 2019 with start up as early as 2023.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
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ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world's growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules, resource recoveries and production rates could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including the grant of necessary approvals; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; and other factors cited under the caption "Factors Affecting Future Results" on the Investors page of our website at www.exxonmobil.com. References to oil-equivalent barrels and similar terms include quantities that are not yet classified as proved reserves under SEC rules but are expected ultimately to be moved into the proved reserve category and produced in the future.
