Exxon Mobil Corporation announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana.
The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana, and encountered more than 295 ft (90 m) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 ft (5,433 m) in 5,719 ft (1,743 m) of water. Stabroek Block is 6.6 million acres (26,800 sq km).
“I am encouraged by the results of the first well on the Stabroek Block,” Stephen M. Greenlee, President of ExxonMobil Exploration Company 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 on 5 March. The well data will be analyzed in the coming months to better determine the full resource potential.
Esso Exploration and Production Guyana Ltd. holds 45%. Hess Guyana Exploration holds 30% interest and CNOOC Nexen Petroleum Guyana holds 25% interest.