Exxon Mobil makes significant oil find off coast of Guyana

Exxon Mobil makes significant oil find off coast of Guyana

Exxon Mobil Corporation (NYSE:XOM) has made a significant oil discovery in the second well located offshore Guyana, the company announced yesterday.

According to Exxon, the drilling results from the Liza-2 well, the second exploration well in the Stabroek block confirm a world-class discovery with a recoverable resource of between US$800 million – $1.4 billion oil-equivalent barrels.

Steve Greenlee, president of Exxon said: “We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015.”

The Liza-2 wells are positioned in the Strabroek block around 120 miles offshore Guyana.

The well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd, approximately two miles from the Liza-1 well. The Stabroek block is 6.6 million acres.

“This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deepwater environments,” added Greenlee.

@RGNOnline