19th OIL FIND!

─ ExxonMobil announces its 16th discovery

DPI, Guyana, Monday, January 27, 2020

The Department of Energy (DoE) on Monday, announced that ExxonMobil has made its 16th oil discovery offshore Guyana bringing the total to 19.

The latest new discovery was made northeast of the producing Liza field at the Uaru well, on the Stabroek Block.

In a release, the DoE highlighted that “this new discovery coupled with all other discoveries brings the estimated resource for the Stabroek Block to more than eight billion oil-equivalent barrels.”

“The Co-operative Republic of Guyana welcomes this new discovery, which follows closely on the heels of the start of oil production on December 20, 2019. All Guyanese should welcome this discovery and should begin to appreciate that the nation is on the cusp of major economic transformation and sustained development. The Department of Energy remains committed to working with its partners and ecosystem of agencies, to ensure that the benefits from the sector, both direct and indirect, redound to every Guyanese,” Director of the DoE, Dr. Mark Bynoe stated.

The Uaru well encountered approximately 94 feet of high-quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet of water, is located approximately 10 miles northeast of the Liza field, which started oil production in December 2019.

According to Dr.  Bynoe, “the petroleum sector is already stimulating increased employment and expanded services, and we are expecting a ramping up of these benefits during the Decade of Development (2020-2029) which is aimed at ensuring that the country’s petroleum resources are utilised to improve citizens’ quality of life and retaining greater value from the sector for Guyana and Guyanese. ”

This is Guyana’s third discovery after the country commenced oil production on December 20, 2019.

 

 

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