US oil giant discovers more oil off Guyana

US oil giant discovers more oil off Guyana

United States oil giant ExxonMobil Corporation said Tuesday it has discovered additional oil in the Payara reservoir offshore Guyana.

This increases the total Payara discovery to approximately 500 million oil-equivalent barrels, the company said.

These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels and 2.75 billion oil-equivalent barrels.

The well was successfully drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited and encountered 59 feet (18 meters) of high-quality, oil-bearing sandstone in the Payara field.

It was safely drilled to 19,068 feet (5,812 meters) in approximately 7,000 feet (2,135 meters) of water.

The well is only 12 miles (20 kilometers) northwest of the recently funded Liza phase 1 project on the Stabroek Block, which is approximately 130 miles offshore Guyana.

“Payara-2 confirms the second giant field discovered in Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments and deliver substantial benefits to Guyana. We are committed to continue to evaluate the full potential of the Stabroek Block.”

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 interest.

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5 Comments

  1. Anonymous
    July 26, 2017 at 8:54 am Reply

    Good for Guyana, hopefully the money trickles down to the poor people

    1. Anonymous
      July 26, 2017 at 11:35 am Reply

      The poor people would not get a cent. The US is like a leech. Sucks what it needs and screw everyone else.

  2. jabal
    July 26, 2017 at 9:21 am Reply

    The US is everywhere where there is oil… Guyana should build a wall

  3. Anonymous
    July 29, 2017 at 5:36 am Reply

    Yet the people of the Caribbean are poor

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