The Department of Energy (DoE) today announced another oil discovery in Guyana, bringing the country’s total to 19 since the first oil finding in 2015.
The discovery was made by ExxonMobil, its 16th find in the country, northeast of the Liza field at the Uaru well on the Stabroek Block.
According to the DoE, “this new discovery coupled with all other discoveries brings the estimated resource for the Stabroek Block to more than eight billion oil-equivalent barrels.”
“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…”– Director of the Department of Energy, Dr Mark Bynoe
Director of the DoE, Dr Mark Bynoe, said “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 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.”
What’s more, Bynoe, said “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. ”
Guyana began oil production on December 20, 2019 and had its first shipment of crude oil lifted by the Yannis P oil tanker a week ago.
The Uaru well encountered approximately 94 feet of high-quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet of water, is located approximately 10 miles northeast of the Liza field, which started oil production in December 2019.
The first cargo of crude oil was sold to the Barbados-based Shell Western Supply and Trading Limited following a competitive process involving nine international companies.
Shell Western will also purchase the next two shipments of one million barrels of oil based on the agreement.