Oil Giant Reports its Largest Find in Guyana

Minister of Natural Resources Raphael Trotman says it’s a historic discovery for Guyana.

 

GEORGETOWN, Guyana, Monday January 8, 2018 – Oil giant ExxonMobil had made another major oil discovery in Guyana’s waters – the sixth and largest find to date.

ExxonMobil’s partner, Esso Exploration, last Friday announced a major oil find at the Ranger-1 field in the Stabroek Block: more than 230 feet of high-quality oil-bearing reservoir.

The discovery represents the largest single find to date and adds to the quantities which have been confirmed in the five previous finds, estimated to have total recoverable resources of more than 3.2 billion barrels of oil equivalent.

“This is a most historic discovery for Guyana,” said Minister of Natural Resources Raphael Trotman in a statement. “It will allow for immense transformational development of our nation in the coming years. Despite much naysaying and attacks against this process, I am confident that Guyana is on the right path.”

He urged all stakeholders to join with the government in supporting the development and oversight of the petroleum industry.

Prime Minister Moses Nagamootoo, meantime, said Guyanese should be optimistic about the latest find.

The Stabroek Block lying offshore Guyana is 6.6 million acres (26,800 square kilometres).

The Stabroek Block, offshore Guyana.

Esso Exploration and Production Guyana Limited is the operator, holding 45 percent interest in the Stabroek Block, while Hess Guyana Exploration Limited and CNOOC Nexen Petroleum Guyana Limited hold 30 percent and 25 percent interests respectively.

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