Exxon Mobil says second well confirms `significant’ oil find

-Potential recoverable resource of 800 million to 1.4 billion oil-equivalent barrels

Exxon Mobil Corporation today said that drilling results from the Liza-2 well, the second exploration well in the Stabroek block offshore Guyana, confirm a world-class find with a recoverable deposit of between 800 million and 1.4 billion oil-equivalent barrels.

“We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015,” said Steve Greenlee, president of Exxon Mobil Exploration Company. “We, along with our co-venturers, look forward to continuing a strong partnership with the government of Guyana to further evaluate the commercial potential for this exciting prospect.”

The Liza wells are located in the Stabroek block approximately 120 miles (193 kilometers) offshore Guyana. Data from the successful Liza-2 well test is being evaluated.

The Exxon Mobil announcement will heighten local interest in when the Guyana Government and the US company can arrive at a deal to begin tapping the deposit and on what terms. Outgoing US Deputy Chief of Mission Bryan Hunt in a recent interview with Stabroek News had adverted to the scale of the find and its potential to boost the fortunes of the country.

The Exxon Mobil release today said that the Liza-2 well was drilled by Exxon Mobil partner Esso Exploration and Production Guyana Ltd., approximately 2 miles (3.3 km) from the Liza-1 well. It said that the Liza-2 well found more than 190 feet (58 meters) of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 17,963 feet (5,475 meters) in 5,551 feet (1,692 meters) of water.

“This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deepwater environments,” said Greenlee.

The Stabroek block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent of the shares, the release added.

The significant find by Exxon Mobil is the high point of a decades-long search by Guyana for oil which has been entangled in controversies with both Venezuela and Suriname.



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