US oil giant finds oil offshore Guyana

Last Updated on Thursday, 7 May 2015, 15:14 by GxMedia

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.

That is according to Minister of Natural Resources and the Environment, Hon. Robert M. Persaud during an interview reflecting on the performance of natural resources and environmental sectors.

However, he pointed out 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.

Further, the Natural Resources and the Environment Minister 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.

Esso Exploration and Production Guyana Ltd. (EEPGL), an affiliate of ExxonMobil, holds 45 percent interest. Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.