More oil discovered offshore Guyana

The Guyana government on Monday announced that the US-based oil giant, ExxonMobil, has made its 16th oil discovery offshore Guyana.

Director in the Department of Energy, Dr Mark Bynoe, said the new discovery was made northeast of the producing Liza field at the Uaru well, on the Stabroek Block.

He said this new discovery coupled with all other discoveries brings the estimated resource for the Stabroek Block to more than eight billion oil-equivalent barrels.

“All Guyanese should welcome this new discovery.”

— Dr Mark Bynoe

“The Co-operative Republic of Guyana welcomes this new discovery, which follows closely on the heels of the start of oil production on December 20, 2019. All Guyanese should welcome this new discovery and should begin to appreciate that the nation is on the cusp of major economic transformation and sustained development.

“The Department of Energy remains committed to working with its partners and ecosystem of agencies to ensure that the benefits from the sector, both direct and indirect, redound to every Guyanese,” Bynoe said.

A government statement said that the Uaru well encountered approximately 94 feet (29 metres) of high-quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet (1,933 metres) of water, is located approximately 10 miles (16 kilometres) northeast of the Liza field, which started oil production in December 2019.

“The petroleum sector is already stimulating increased employment and expanded services, and we are expecting a ramping up of these benefits during the Decade of Development (2020-2029) which is aimed at ensuring that the country’s petroleum resources are utilised to improve citizens’ quality of life and retaining greater value from the sector for Guyana and Guyanese,” Bynoe said.