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Guyana gives ExxonMobil thumbs-up for new discovery

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OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Guyana’s Ministry of Natural Resources said in a statement on Thursday evening that it joins the country’s President, David Granger, and the Guyanese people, in congratulating ExxonMobil and its joint-venture partners Hess and CNOOC Nexen for their latest discovery at the Turbot-1 well in the Stabroek Block offshore Guyana.

The US super-major said today it began drilling the Turbot-1 well on Aug. 14, 2017 and encountered a reservoir of 75 feet (23 meters) of high-quality, oil-bearing sandstone in the primary objective. The well was safely drilled to 18,445 feet (5,622 meters) in 5,912 feet (1,802 meters) of water on Sept. 29, 2017. The Turbot-1 well is located in the southeastern portion of the Stabroek Block, approximately 30 miles (50 kilometers) to the southeast of the Liza phase one project.

The announcement, following that of the Payara-2 discovery in July 2017, is another important milepost in Guyana’s journey towards becoming an oil producing country, the Ministry said.

This latest discovery, the Ministry stated, also underscores the need for continued capacity building not only of Government and its agencies but also of the private sector, civil society and individuals to ensure that they contribute to and benefit from the oil and gas sector in an equitable manner.

The Ministry says it looks forward to the support of all stakeholders as it puts in place a strong regulatory and fiscal framework to ensure that production of petroleum is carried out in a transparent and accountable manner and in a way that is respectful of the country’s environment

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