Georgetown, Guyana (GINA) — Guyana looks to be set to join the group of oil producing nations, as news was made public by ExxonMobil that it has found a deposit of a ‘significant’ amount of oil in the Stabroek Block, some 120 nautical miles offshore Guyana.
It was discovered in one of the two wells it drilled in the Liza-1 site, which realised more than 295 feet of high-quality oil-bearing sandstone. The well was started or “spudded” on March 5, 2015, and the data will be analysed in the coming months to determine the full resource potential.
It was drilled to 17,825 feet (5,433 metres) in 5,719 feet (1,743 metres) of water in the Stabroek Block, which is 6.6 million acres (26,800 square kilometers), the statement noted.
In the released statement, president of ExxonMobil Exploration Company, Stephen Greenlee, said, “I am encouraged by the results of the first well on the Stabroek Block… 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.”
Guyana has been identified by several surveying companies as one of the world’s greatest untapped potential sources for hydrocarbons.