Exxon Mobil announces significant oil find off Guyana

The Deep Water Champion Oil Exploration Rig which arrived earlier this year.

A decades-long search for oil offshore Guyana has finally yielded success with Exxon Mobil Corporation reporting a “significant oil discovery”.

The Exxon Mobil press release issued today follows:

 Liza-1 well encounters more than 295 feet of high-quality oil-bearing sandstone reservoirs

 Well is first on 6.6-million acre Stabroek Block and drilled to 17,825 feet

The Deep Water Champion Oil Exploration Rig which arrived earlier this year.
The Deep Water Champion Oil Exploration Rig which arrived earlier this year.

IRVING, Texas, May 20, 2015 – Exxon Mobil Corporation today announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana.

The well 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. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Stabroek Block is 6.6 million acres (26,800 square kilometers).

“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. The well data will be analyzed in the coming months to better determine the full resource potential.

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.


Major road closures for roundabout work

The Guyana Police Force is informing members of the public that the following roads will be closed to vehicular traffic for continuous road work at Kitty Roundabout on 2018-03-23 from 0800h.

Drunk driver held after pedestrian dies on Letter Kenny Public Rd

An intoxicated driver has been taken into custody following a fatal accident which occurred about 20:25hrs last night on the Letter Kenny Public Road, Corentyne, Berbice, the police say.

Four more held in carjacking probe

As part of a continuing investigation into recent carjackings, yesterday ranks of the Guyana Police Force during an intelligence-led operation intercepted two vehicles and detained four persons in ‘A’ Division.

Tearing up Exxon deal would be ‘disastrous’ – Sir Paul Collier

Even as he posited that Guyana was unequally matched in negotiations with ExxonMobil and other multinationals, British Professor of Economics and Public Policy, Sir Paul Collier last evening cautioned against pulling back the contract with the US company and affiliates, saying it can spell doom for Guyana’s investment climate.

Grinding restarts at Enmore sugar factory

-SPU representative says efficiency improved by 40-45% Photos by Dhanash Ramroop Grinding has resumed at the Enmore Sugar Estate factory in a bid to make use of cane in the fields and to attract prospective investors.

By ,


Not Ready to Subscribe ?

You can still join over other 15,000 subscribers and receive FREE breaking news alerts as they happen and the morning brief featuring top stories of the day. 

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now