ExxonMobil says Guyana oil discovery ‘significant’

An oil discovery made by ExxonMobil offshore Guyana is ‘significant,’ the company announced on Thursday.

The well, drilled at the Stabroek block by ExxonMobil affiliate Esso Exploration and Production Guyana, encountered more than 90 metres of high-quality oil-bearing sandstone reservoirs.

Speaking about the discovery, Stephen M. Greenlee, president of the ExxonMobil Exploration Company said, “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.”

Earlier in May the company had revealed a discovery at the block, which is located around 120 miles offshore Guyana, but declined to give further details on the find.

Esso Exploration and Production Guyana operates the block with a 45-percent interest. Hess Guyana Exploration, a subsidiary of US-headquartered Hess, holds a 30-percent stake, while CNOOC Nexen Petroleum Guyana, a subsidiary of China National Offshore Oil Company, holds 25 percent. The block covers an area of 26,800 square kilometres.