Wed | Jun 16, 2021

Gov’t welcomes more oil discovery

Published:Thursday | June 10, 2021 | 12:10 AM

GEORGETOWN, Guyana, Jun 9 (CMC):

The Guyana government Wednesday welcomed the latest oil discovery, saying it will add to the previously announced gross discovered recoverable resource for the Stabroek Block offshore, which is currently estimated to be over nine billion oil-equivalent barrels.

The Stabroek Block is 6.6 million acres (26,800 square kilometres). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of China National Offshore Oil Corporation Limited, holds 25 per cent interest.

“The government of Guyana anticipates that this new development will further increase the potentials for more floating production storage and offloading vessels. Additionally, this will increase the estimated recoverable resource given by the operator, Esso Exploration and Production Guyana Limited.

“As such, the ministry and the petroleum sector regulatory agencies will continue to work with other operators to expedite their drill programme as we seek to expand the sector,” Minister of Natural Resources Vickram Bharrat said in a statement following the announcement by the US oil giant, ExxonMobil, that it made a discovery at Longtail-3 in the Stabroek Block offshore Guyana.

“We will continue to leverage our core competitive advantages in our ongoing exploration campaign, delivering substantial value to the Guyanese people, our partners and shareholders,” he added.

Bharrat said that Guyana’s 20th offshore oil discovery reinforces the commitment of the government “to the sustainable exploration and development of Guyana’s oil and gas resources”.

He said this will be done in keeping with the highest level of compliance and transparency to ensure that the benefits from this sector enhance the lives of all Guyanese.