Latest update November 21st, 2024 1:00 AM
ExxonMobil finds oil in significant quantities
ExxonMobil, the global oil company drilling off Guyana’s shores, has announced a “significant oil discovery” on the recently disputed Stabroek Block. 
“Exxon Mobil Corporation (yesterday) announces a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana,” reads a statement issued yesterday.
The release added that the Liza-1 well encountered more than 90 meters of high quality oil-bearing reservoirs. ExxonMobil said that the well is first on the 6.6 million acre Stabroek Block and drilled to 5,422 meters.
According to the company, the area drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd. encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. “It was safely drilled to 17,825 feet (5,422 meters) in 5,719 feet (1,743) of water,” stated the company.
President of ExxonMobil Exploration Company, Stephen M. Greenlee, said that he is encouraged by the results of the first well on the Stabroek Block. “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,” said Greenlee.
In the meantime, the data from the well discovery, which was spud on March 5, last, will be analysed in the coming months to better determine its full resource potential.
Esso Exploration and Production Guyana Ltd. holds 45 percent interest, while Hess Guyana Exploration Limited holds 30 percent with CNOOC Nexen Petroleum Guyana Limited holding 25 percent interest.
In recent months, Guyana and Venezuela have disputed the Stabroek Block with the western neighbour claiming that ExxonMobil was infringing on its territorial claim. Tensions usually arise over the Essequibo region over which Venezuela claims sovereignty.
Moreover, Venezuela has for almost a decade now been selling oil at concessionary rates to Guyana in return for rice. This new discovery can potentially mean that Guyana is on track to become an oil producing country like its suppliers, Venezuela, Curacao and Trinidad and Tobago.
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That would be a great discovery.It will cost lot of money and effort for these to go on .Thankfully these will be a great deal for the government to do so these project to secure its oil need .