Fri | Sep 25, 2020

Tullow and ExxonMobil announce new oil discovery in Guyana

Published:Monday | September 16, 2019 | 10:48 AM
Contributed photo.

GEORGETOWN, Guyana, CMC – The United Kingdom-based Tullow Oil Company and the United States-based ExxonMobil on Monday announced the discovery of more oil in the Guyana basin.

Head of the Department of Energy Dr Mark Bynoe on Monday said the discovery, made at the Joe-1 exploration well, has successfully opened a new Upper Tertiary oil play in the Guyana basin.

This is second discovery of oil in two different wells operated by Tullow in less than six weeks.

Meanwhile, just moments after Bynoe made the disclosure Exxon issued a statement announcing its 14th oil discovery.

Bynoe said ExxonMobil announced that oil was discovered on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. 

This well was being drilled by the Tom Madden drillship.

The department said the discovery adds to the previously announced estimated recoverable resource of more than six billion oil-equivalent barrels on the Stabroek Block.

“This is another major development for the Co-operative Republic of Guyana which, along with other oil discoveries, has the potential to advance the country’s economy and propel it towards impactful and sustained development. The Department of Energy continues to be encouraged by the prolific rate of discovery of high-quality hydrocarbons offshore Guyana as the discoveries add to the further de-risking of this play type in the deep and ultra-deep zones,”  Bynoe said.

“Every Guyanese can be assured that the Government will continue to work conscientiously to pursue the most effective and efficient marketing strategies of Guyana’s crude entitlement to transform our economy and to implement sustainable development programmes from which all Guyanese can benefit”.

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