GEORGETOWN, Guyana, Wednesday February 28, 2018 – Oil giant ExxonMobil has struck oil off Guyana yet again.
Minister of Natural Resources Raphael Trotman yesterday evening announced in a brief statement after Cabinet met, that a seventh oil find was made – this time at the Pacora-1 well located approximately four miles west of the Payara-1 well in the Stabroek block. This follows previous discoveries on the Stabroek block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.
“More details of this latest discovery which has occurred within the last 48 hours will be shared with the nation as we continue to have an aggressive programme of exploration and as we proceed towards production in 2020,” he said.
“To date, we have overseen the drilling of seven wells by Exxon, six of which have borne fruit in that they have proven good. One has not, but we have so far an excellent record and I would like to congratulate the crew of the Stena Carron drillship that has done 90 per cent of the discoveries without a day lost or any injuries or any man hour lost and that is commendable.”
Meantime, Steve Greenlee, president of ExxonMobil, said the latest discovery further increases confidence in developing that key area of the Stabroek Block.
“Pacora will be developed in conjunction with the giant Payara field and, along with other phases, will help bring Guyana production to more than 500,000 barrels per day,” he said.
Trotman announced the oil find just before disclosing that based on his proposal to President David Granger last year, a Department of Energy will be set up to oversee the oil and gas sector in Guyana.
The new department, expected to come on stream in about six months, will be housed in the Ministry of the Presidency.
In the lead up to the establishment of the Department of Energy, Cabinet has mandated that Minister Trotman head a Task Force which would comprise other ministers. The group has been given the job of formulating a proposal for the development of the mandate of the Department of Energy, as well as how it will be structured and staffed.
“Eventually, the expectation is that the Ministry of Natural Resources will hand over responsibility of the function of petroleum to this new department and we will see a more direct and focused mandate from this Department of Energy and we will of course, as a Cabinet be supporting the department,” Trotman said.