ExxonMobil confirms 2nd “significant” oil find offshore Guyana

– between 800M and 1.4B oil-equivalent barrels discovered

Oil and gas exploration giant, ExxonMobil Corporation on Thursday announced that drilling results from the Liza-2 well, the second exploration well in the Stabroek block offshore Guyana, confirmed a world-class discovery of oil with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels.

“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… We, along with our co-venturers, look forward to continuing a strong partnership with the Government of Guyana to further evaluate the commercial potential for this exciting prospect,” said ExxonMobil President Steve Greenlee, in a statement.
The Liza wells are located in the Stabroek Block approximately 120 miles offshore Guyana. Data from the successful Liza-2 well test is being assessed, the company said.
The Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd, approximately 2 miles from the first well, Liza-1. They encountered more than 190 feet of oil-bearing sandstone reservoirs in upper cretaceous formations.
“This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deepwater environments,” said Greenlee.
This is the second major announcement of oil find coming from the US-based company that has been conducting explorations off the shores of Guyana.
On May 20, 2015, ExxonMobil announced that there was a significant oil discovery on the Stabroek Block after its well Liza-1 encountered more than 295 feet of high-quality oil-bearing sandstone reservoirs.
While the Guyana Government is still to make an official comment on the new find, Minister of State Joseph Harmon on Thursday morning at a news conference said that the companies were excited about the future of drilling in Guyana.
The Government of Guyana is said to be renegotiating the 1999 contract with ExxonMobil.