Exxon makes oil discovery offshore Guyana

ExxonMobil has discovered hydrocarbons offshore Guyana, while drilling the Liza-1 exploration well at the Stabroek block.

The discovery was made using the Deepwater Champion drillship, some 120 miles offshore Guyana, according to Minister of Natural Resources and the Environment, Robert M. Persaud.

However, he pointed out that it is too early to confirm whether there are commercial quantities of hydrocarbons, specifically light crude. Minister Persaud revealed that a full evaluation of the results is underway from the exploration company.

Further, the Natural Resources and the Environment Minister said he remained optimistic of a hydrocarbon discovery of commercial quantities which will further transform Guyana’s economy for the benefit of all Guyanese.

Esso Exploration and Production Guyana Ltd. (EEPGL), an affiliate of ExxonMobil, holds 45 percent interest. Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

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