ExxonMobil Discovers Oil In Its Second Well Offshore Guyana
Exxon Mobil Corporation (NYSE: XOM) revealed Thursday said drilling results from its Liza-2 well, the second exploration well in the Stabroek block offshore Guyana, confirmed a discovery with a recoverable resource of 800 million – 1.4 billion oil-equivalent barrels.
ExxonMobil's president, Steve Greenlee, reacted to the developments to say, "We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015."
He continued to add, "We, along with our co-venturers, look forward to continuing a strong partnership with the government of Guyana to further evaluate the commercial potential for this exciting prospect." He concluded, "This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deepwater environments."
The oil firm said that data from the successful Liza-2 well test was being assessed. The company added that the Liza-2 well was drilled by its affiliate Esso Exploration and Production Guyana Ltd., approximately 2 miles from the Liza-1 well.
The company indicated its Liza-2 well encountered over 190 feet of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The oil firm added that the well was drilled to 17,963 feet in 5,551 feet (of water.
ExxonMobil said Stabroek block is 6.6 million acres with Esso Exploration and Production Guyana Limited as the operator and holding 45 percent interest in the Stabroek block. Similarly, Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.
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