ExxonMobil announces significant oil discovery offshore Guyana

May 20, 2015 12:00 AM

Exxon Mobil has announced a significant oil discovery on the Stabroek Block, located approx. 120 miles offshore Guyana. The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana, and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs.

It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Stabroek Block is 6.6 million acres (26,800 sq kms).

'I am encouraged by the results of the first well on the Stabroek Block,' said Stephen M. Greenlee, president of ExxonMobil Exploration Company. '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.'

The well was spud on March 5, 2015. The well data will be analyzed in the coming months to better determine the full resource potential.

Esso Exploration and Production Guyana holds 45 percent interest. Hess Guyana Exploration holds 30 percent interest and CNOOC Nexen Petroleum Guyana holds 25 percent interest.

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