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The Noble Tom Madden vessel drilled discovery wells offshore Guyana in the Stabroek Block. (Photo: Hart Energy)

Noble Corp, ExxonMobil to extend drilling in Guyana-Suriname Basin

The Noble Tom Madden vessel drilled discovery wells offshore Guyana in the Stabroek Block. (Photo: Hart Energy)

Noble Corporation Inc and ExxonMobil have signed an agreement to extend drilling services in the Guyana-Suriname Basin by three and a half years.

“The Guyana-Suriname Basin stands as one of the world’s premier offshore exploration and development opportunities,” according to Julie J Robertson, chairman, president and chief executive officer of Noble.

“Since establishing an operating presence offshore Guyana in March 2018 with the Noble Bob Douglas, we have continued to expand our footprint in the region.”

Under the agreement, Noble Corp assigns vessels to undertake drilling assignments on behalf of ExxonMobil in Guyana’s and Suriname’s offshore wells.

At present, Noble has assigned Noble Bob Douglas, Noble Tom Madden, and Noble Don Taylor to the Guyana-Suriname Basin as part of an agreement scheduled to expire in June. The first two have been exploring wells offshore Guyana, while the last is drilling in the Liza Phase 1 field development project.

“The commercial enabling agreement with ExxonMobil takes our regional position a step further, as we benefit from multi-year contract visibility and utilisation allocated across three of our premium drillships,” Robertson remarked.

ExxonMobil may request the addition of more vessels as per the agreement fit. Further, the agreement allows for an extension of up to six more years based on government approvals, development decisions, among other factors.

“This attractive commercial model secures current market pricing dynamics on six-month intervals and important operational economies of scale, and, importantly, the agreement can cover additional Noble drilling rigs. We are honoured to strengthen our relationship with ExxonMobil and to have a significant role in this prolific region, which will continue to contribute to the growing need for advanced offshore drilling technology and solutions,” the head of Noble emphasised.

As ultra-deepwater vessels, Noble’s rigs are capable of operating in depths of up to 12,000 feet. The rigs, which began explorations during 2013 and 2014, are also equipped with advanced drilling systems and redundant subsea control technology and station-keeping systems.