Esso finds oil offshore Guyana

TIMES INT'L

– Gov’t announces

oilGuyana’s Minister of Natural Resources and the Environment, Robert Persaud has announced that Esso exploration well, the Liza-1 on the Stabroek Block, using the drill-ship, Deepwater Champion located approximately 120 miles offshore Guyana, has encountered Hydrocarbons. The majority of hydrocarbons found on Earth naturally occur in crude oil.

A press release from the Ministry noted however that it is too early to confirm whether there are commercial quantities of hydrocarbons, specifically light crude.

“Minister Persaud revealed that a full evaluation of the results is underway from the exploration company,” the release noted.

According to release, Minister Persaud remains optimistic of a hydrocarbon discovery of commercial quantities which will further transform Guyana’s economy for the benefit of all Guyanese.

In the first half of 2015, Esso Exploration and Production Guyana Ltd. (EEPGL) drilled an exploration well, the Liza-1 prospect, on the Stabroek Block, using the drill-ship, Deepwater Champion.

The company, an affiliate of ExxonMobil, holds 45 percent interest, while Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

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