Significant oil and gas deposits found offshore Guyana

A “significant” amount of oil and gas has been discovered in a second oil well located offshore Guyana.

According to a statement by the Exxon Mobil Corporation, the drilling results from the Liza-2 well – the second exploration well in the Stabroek block – confirm a world-class discovery with a recoverable resource of between US$800 million and US$1.4 billion oil-equivalent barrels.

“We are excited by the results of a production test of the Liza-2 well, which confirms the presence of high-quality oil from the same high-porosity sandstone reservoirs that we saw in the Liza-1 well completed in 2015,” said the statement.

“The Liza-2 well encountered more than 190 feet of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 17,963 feet in 5,551 feet of water,” the statement added.

The Liza wells are located in the Stabroek block approximately 120 miles offshore Guyana. The Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd, approximately 3.2 kilometers (2 miles) from the Liza-1 well.

The Stabroek block is 6.6 million acres. -(CMC)