ExxonMobil has announced a significant oil discovery at its Stabroek Block offshore Guyana.
The well, located 120 miles offshore, was drilled by the company’s affiliate Esso Exploration and Production Guyana.
More than 295 feet of high-quality oil-bearing sandstone reservoirs were encountered.
Stephen M. Greenlee, president of ExxonMobil Exploration Company, said: “I am encouraged by the results of the first well on the Stabroek Block,” 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.”
The well was spud in March this year.
The data will now 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.
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