There has been another major oil find by ExxonMobil in the Pacora-1 Well offshore.
This announcement was made this afternoon by Minister of Natural Resources, Raphael Trotman after today’s Cabinet meeting, according to the Department of Public Information (DPI).
The Pacore-1 drill site is 107 miles from the coast of Guyana and covers an area of one square kilometer.
This would be the seventh major find by Exxon since May 2015. The Pacora-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep, Turbot and Ranger-1, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.
DPI also announced this afternoon that the government will, in the coming months, establish the Department of Energy which will be housed in the Ministry of the Presidency. Minister Trotman has been appointed head of the Task Force which will be responsible for submitting to Cabinet a proposal on how the Department of Energy is to be structured and staffed. The Task Force will also comprise other ministers of government.