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Exxon Mobil Corporation (XOM) - free report >>
Hess Corporation (HES) - free report >>
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ExxonMobil (XOM) Commences Sapote-1 Well Drilling in Guyana
Exxon Mobil Corporation (XOM - Free Report) recently started drilling the Sapote-1 well in offshore Guyana, the current hot destination for upstream operations, per reports. The company has spudded the well on the Canje Block, marking the third one in the block so far this year.
Earlier this year, ExxonMobil drilled Bulletwood-1 and Jabillo-1 in the Canje Block but did not encounter commercial oil and gas. The company still hopes to replicate its massive success from the adjacent Stabroek Block in the Canje Block. It has made multiple world-class oil discoveries at the Stabroek Block, with more than 9 billion barrels of oil equivalent recoverable resources.
The discoveries made so far at Stabroek have the potential of adding at least six FPSO vessels that will likely be capable of yielding 800,000 barrels of oil per day by 2025. It has Hess Corporation (HES - Free Report) and CNOOC Ltd. as partners in the block.
The Sapote-1 well, drilled at 2,550 meters of water depth, will likely study the Upper Cretaceous reservoirs. The company is using the Stena DrillMAX drillship of Stena Drilling at the site and the drilling process can take up to two months. The prospect is around 50 kilometres north of the Haimara discovery in the Stabroek Block, which witnessed 63 meters of high-quality gas-condensate bearing sandstone reservoir. ExxonMobil has applied for a long exploration and appraisal drilling program in the Canje block to the local government, per reports.
ExxonMobil, with a 35% stake, is the operator of the Canje Block. It has TotalEnergies SE (TTE - Free Report) , JHI Associates, and Mid-Atlantic Oil & Gas as partners in the block with 35%, 17.5% and 12.5% interest, respectively.
Price Performance
ExxonMobil has gained 38.2% in the past year compared with 32.6% rise of the industry it belongs to.
Image Source: Zacks Investment Research
Zacks Rank & Stock to Consider
Currently, ExxonMobil carries a Zacks Rank #3 (Hold). A better-ranked player in the energy space is PHX Minerals Inc. (PHX - Free Report) , having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PHX Minerals’ bottom line for 2021 is expected to surge 260% year over year.