Sat | Aug 24, 2019

New oil discoveries in Guyana

Published:Wednesday | February 6, 2019 | 12:06 PM
CMC photo

GEORGETOWN, Guyana, CMC –Guyana Wednesday announced that the US-based oil giant ExxonMobil had made two additional discoveries of oil offshore the country building on the previously announced estimated recoverable resource of more than five billion oil-equivalent barrels on the Stabroek block.

“This continues to be positive news for the people of the Co-operative Republic of Guyana, but the real substance of these finds will come when all Guyanese are able to benefit from these discoveries, whether directly and/or indirectly,” said the Director of Energy, Dr Mark Bynoe.

The authorities said that the latest discoveries at the Tilapia-1 and Haimara-1 wells bring the total number of discoveries on the Stabroek Block to 12.

Tilapia-1 is the fourth discovery in the Turbot area that includes Turbot, Longtail and Pluma discoveries.

Tilapia-1 encountered approximately 305 feet of high-quality oil-bearing sandstone reservoir and was drilled to a depth of 18,786 feet in 5,850 feet of water.

The other discovery was at the Haimara-1 well, which encountered approximately 207 feet of high-quality, gas-condensate sandstone reservoir.

The well was drilled to a depth of 18,289 feet in 4,590 feet of water. The authorities say it is located approximately 19 miles east of the Pluma-1 discovery and is a potential new area for development.

“The rate of these finds remains well above industry standards and continues to allow for further de-risking of the deep and ultra-deep one, but we still have a substantial way to go before we can confidently say the one has been de-risked,” Bynoe said.

Guyana intends to begin commercial exploration next year.

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