Exxon announces discovery in Guyana
Exxon Mobil Corporation (“Exxon”) today announced a significant oil discovery at the Liza-1 well on the Stabroek Block, located approximately 120 miles offshore Guyana. The well was drilled by ExxonMobil’s affiliate, Esso Exploration and Production Guyana Ltd 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. The Stabroek Block covers 6.6 million acres (26,800 square kilometers). “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 5th, 2015. The well data will be analysed in the coming months to better determine the full resource potential. Esso Exploration and Production Guyana Ltd. holds 45% interest. Hess Guyana Exploration Limited holds 30% interest and CNOOC Nexen Petroleum Guyana Limited holds 25% interest.