Major oil find in Stabroek block

DPI, Guyana, Friday, January 5, 2018 – The Government of Guyana in partnership with Esso Exploration and Production Guyana Limited, CNOOC Nexen Petroleum Guyana Limited and Hess Guyana Exploration Limited is pleased and gratified by the information that more than 230 feet of high quality oil bearing reservoir has been discovered at the Ranger-1 well in the Stabroek block. This represents the sixth discovery in Guyana since 2015.

This latest discovery represents the largest single find to date and adds to the quantities which have been confirmed in the five previous finds. The news of an additional find of this magnitude, particularly, at the start of the new year, can be seen as a further blessing and underscores the richness and diversity of Guyana’s natural resources. Managed prudently, these resources will allow for an enormous transformational effect on the lives of every Guyanese in the years ahead.

The Ministry of Natural Resources (MNR) is particularly pleased that its strategy of engagement with Esso Exploration/CNOOC/Hess and its partners is leading to bountiful discoveries, and overall, the Government is elated that Esso Exploration/CNOOC/Hess remain ahead of their exploration schedule for the entire Stabroek block. MNR expects that other international operators will draw confidence from Esso Exploration/CNOOC/Hess’s presence, and these six finds, and diligently pursue their own exploratory work programmes. Several companies have advanced their seismic data collection and are expected to drill in 2018.

The government remains committed to all efforts for the safe and efficient development of the offshore Guyana basin.

Finally, government calls on all stakeholders to act responsibly and patriotically as Guyana continues its thrust into this new sector and as news and events continue to unfold about the extent of the oil reserves offshore and the manifold opportunities and benefits for the Guyanese people.