ExxonMobil encouraged by oil discovery offshore Guyana

ExxonMobil recently discovered hydrocarbons offshore Guyana, while drilling the Liza-1 exploration well at the Stabroek block, located approximately 120 miles offshore Guyana. The oil discovery is significant, Exxon said. 

According to Exxon, the well was drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water with the Deepwater Champion drillship. Stabroek Block is 6.6 million acres (26,800 square kilometers).

It was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs.

“I am encouraged by the results of the first well on the Stabroek Block,” said Stephen M. Greenlee, president of ExxonMobil Exploration Company. “Over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block.”

The well was spud on March 5, 2015 and the well data will be analyzed in the coming months to better determine the full resource potential, the company said in the press release.

Esso Exploration and Production Guyana Ltd. 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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