Govt congratulates Exxon for new oil find

The Guyana Government has congratulated ExxonMobil Corporation for its announcement on Tuesday about the discovery of additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels.
“The Ministry of Natural Resources joins His Excellency David A Granger, President of the Cooperative Republic of Guyana, and the Guyanese people in congratulating ExxonMobil and its joint venture partners Hess and CNOOC Nexen for their latest efforts that led to the confirmation of the volume of the petroleum reserves that were announced today, July 25, 2017 regarding the Payara 2 well in the Stabroek Block offshore Guyana,” the Ministry said in a statement Tuesday afternoon.
It said the announcement “marks another important milepost in the journey towards Guyana’s emergence as an oil- producing state, and reinforces the reality that Guyana must continue to steadily and carefully build capacity in a race against time before that date.”
The Ministry said it looked forward to the “support of all stakeholders as we work together” to ensure that there was a strong regulatory and fiscal framework in place so that the production of petroleum could be done in a transparent and accountable manner and in a way that was respectful of our environment.
“We are thankful to all our local, regional and international partners who have committed to working with us to bring us into readiness for oil production. We call on the people of the Cooperative Republic of Guyana to embrace this new reality that has dawned upon our beautiful country and to prepare themselves to take advantage of the opportunities it presents,” the statement added.