More Oil No. 104599
FRIDAY, JULY 1, 2016
Price: $80
(VAT Inclusive)
Exxon reports 1.4 Billion barrels-of-oil find Big bank account SOCU probes Omar Shariff for alleged financial crimes
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By Ariana Gordon OIL giant ExxonMobil on Thursday announced that a “world-class discovery” of between equivalent of 800 million and 1.4 billion barrels of oil following the drilling of the Liza-2 well in the Stabroek Bloc offshore Guyana. The discovery is the company’s second exploration offshore Guyana; the first was made in May 2015. “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 Steve Greenlee, President of ExxonMobil Exploration
Company. Greenlee said the company looks forward to continuing “a strong partnership” with the Government of Guyana to further evaluate the commercial potential of the discoveries. The Liza wells are located in the Stabroek Bloc approximately 120miles (193 kilometres) offshore Guyana. Data from the successful Liza-2 well test is being assessed. According to the release, the Liza-2 well was drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, approximately two miles (3.3 km) from the Liza-1 well. The Liza-2 well encountered more than 190 feet (58 metres) of oil-bearing sandstone reservoirs in Upper Cretaceous
formations. The well was drilled to 17,963 feet (5,475 metres) in 5,551 feet (1,692 metres) of water. “This exploration success demonstrates the strength of our long-term investment approach, as well as our technology leadership in ultra, deep-water environments,” said the President of ExxonMobil. The Stabroek block is 6.6 million acres (26,800 square kilometres). Esso Exploration and Production Guyana Limited is operator and holds 45 per cent interest in the Stabroek block. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per Turn to page 3 ►
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