Huge oil, gas deposits found offshore Guyana

June 30, 2016 in Regional

oil-1GEORGETOWN, Guyana (CMC) — Exxon Mobil Corporation on Thursday said they made a significant discovery of oil in the second well, located offshore Guyana.

According to Exxon, that drilling results from the Liza-2 well, the second exploration well in the Stabroek block confirm a world-class discovery with a recoverable resource of between US$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 offshore Guyana.

Exxon says data from the successful Liza-2 well test is being assessed. The Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd, approximately 2 miles from the Liza-1 well.

In a release on Thursday, Exxon said “The Liza-2 well encountered more than 190 feet of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 17,963 feet in 5,551 feet 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.

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world.