Guyana Gov’t Announces Sixth and Largest Oil Find So Far

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GEORGETOWN, Guyana – The Guyana government Friday “welcomed” the announcement that more than 230 feet of high quality oil bearing reservoir has been discovered at the Ranger-1 well in the Stabroek block.

This is the sixth discovery of oil here since 2015 and the David Granger government said that “this latest discovery represents the largest single find to date and adds to the quantities which have been confirmed in the five previous finds.”

“The news of an additional find of this magnitude, particularly, at the start of the New Year, can be seen as a further blessing and underscores the richness and diversity of Guyana’s natural resources. Managed prudently, these resources will allow for an enormous transformational effect on the lives of every Guyanese in the years ahead,” the statement said.

The government said that this latest discovery is as a result of the partnership with Esso Exploration and Production Guyana Limited, CNOOC Nexen Petroleum Guyana Limited and Hess Guyana Exploration Limited.

The Ministry of Natural Resources (MNR) said it is particularly pleased that its strategy of engagement with Esso Exploration/CNOOC/Hess and its partners “is leading to bountiful discoveries, and overall, the government is elated that Esso Exploration/CNOOC/Hess remain ahead of their exploration schedule for the entire Stabroek block”.

It said MNR expects that other international operators will draw confidence from Esso Exploration/CNOOC/Hess’s presence and these six finds “and diligently pursue their own exploratory work programmes. Several companies have advanced their seismic data collection and are expected to drill in 2018.”

The government said it remains committed to all efforts for the safe and efficient development of the offshore Guyana basin and was calling on “all stakeholders to act responsibly and patriotically as Guyana continues its thrust into this new sector and as news and events continue to unfold about the extent of the oil reserves offshore and the manifold opportunities and benefits for the Guyanese people”.

Last year, Guyana said it would be working with the US based oil giant, ExxonMobil, to develop a long-term relationship founded on transparency, accountability, openness and aligned interests for the good of the country following its newfound wealth.

ExxonMobil said it would be investing five billion US dollars as it prepares to explore oil production in Guyana by 2020. – CMC

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