ExxonMobil announces second giant oilfield offshore Guyana…500 million barrels found

ExxonMobil announces second giant oilfield offshore Guyana…500 million barrels of oil found

IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM) today announced it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels.

These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels and 2.75 billion oil-equivalent barrels.    

The well was successfully drilled by ExxonMobil affiliate Esso Exploration and Production Guyana Limited and encountered 59 feet (18 meters) of high-quality, oil-bearing sandstone in the Payara field.

It was safely drilled to 19,068 feet (5,812 meters) in approximately 7,000 feet (2,135 meters) of water. The well is only 12 miles (20 kilometers) northwest of the recently funded Liza phase 1 project on the Stabroek Block, which is approximately 130 miles offshore Guyana.

“Payara-2 confirms the second giant field discovered in Guyana,” said Steve Greenlee, president of ExxonMobil Exploration Company. “Payara, Liza and the adjacent satellite discoveries at Snoek and Liza Deep will provide the foundation for world class oil developments and deliver substantial benefits to Guyana. We are committed to continue to evaluate the full potential of the Stabroek Block.”

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. Follow ExxonMobil on Twitter at www.twitter.com/exxonmobil

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  • Incas  On July 26, 2017 at 10:05 am

    Exxon knew this already. They just wanted to get Guyana to sign the give away contract before  announcing it.

  • Gigi  On July 26, 2017 at 10:43 am

    Surprise! Not. My gut feeling tells me that these recent spate of dangerous, violent, and frightening “manufactured crises” occurring Guyana are being carried out by this govt and its handlers to distract from the oil situation. The uncle tom in charge of this portfolio is completely out of his league in dealing with America /Exxon/Halliburton/KBR/and all the other “expert” players. He claimed he has more “experts” than Guyana can handle helping him which, (1) shows his and this govt’s total incompetence and ineptitude in managing this country and its resources, and (2) these “experts” cost a pretty penny.They are certainly not free.
    This reminds me of a hilarious childhood event.

    When we were little, my mom used to make us piggy banks at the start of each year to save our money to buy Christmas presents. One year, my mom decided that we were old enough to go off together without her (I was about 8, my brother 9, older sister 11, and my oldest sister 12). So off we went to Guyana Stores to do our Christmas shopping. My brother, on seeing the pretty wrapping paper and bows displayed nicely got carried away and decided to buy those first. When it was time to shop for presents, he didn’t have enough money. But he thought that my oldest sister, who was responsible for safe keeping our money, was trying to con him. So here we all were, standing in the middle of the store, adding up the cost of his wrapping paper and bows in our heads and then telling him that he had spent most of his money already on these items but he was having none of it. Finally, he said, and I would never forget this because it is still so funny, “No! Ya’ll trying to rob me. Wait, I’m going to buy a pencil and paper. I’m going to buy a pencil and paper” and he began looking around for a pencil and paper to buy. Fortunately for him, a really sweet salesgirl who must have been looking on at the whole commotion, came over and give us a pencil and a piece of paper. We then decided to sit outside the store while he added up his purchases. Yep! He realized he’d spent most of his money on wrapping paper and bows but not presents to wrap them in. We took pity on him and decided that we’d all pitch in and pay for the wrapping paper and bows so that he could have more spending money. Btw, us girls used to make our own wrapping paper and decorations just so that we could have more spending money. It was a good lesson for him though. He went on to study accounting (though he switched to computers when he moved to the US), is very successful and rather frugal.

    This govt is spending lavishly on frivolities (wrapping paper and bows) and the taxpaying citizens will have to bail them out. Except the citizens are not the ones receiving the presents…

  • Rosaliene Bacchus  On July 26, 2017 at 12:26 pm

    Thanks for the update.

  • Clyde Duncan  On July 27, 2017 at 10:37 am

    Does anybody remember this bit of activity??

  • Clyde Duncan  On July 27, 2017 at 7:40 pm

    U.S.A. Sanctions Top Venezuelan Officials

    The economic penalties were announced just days before Venezuela will vote to elect a body capable of rewriting the nation’s constitution.

    Aria Bendix | The Atlantic

    The U.S.A. government sanctioned more than a dozen senior Venezuelan officials on Wednesday, just four days before the nation is set to elect a constituent assembly to rewrite its constitution.

    The election has been heavily criticized by members of Venezuela’s opposition party, who accuse Venezuelan President Nicolas Maduro of plotting to gain sweeping control over the nation and its democratically-elected congress.

    Last week, around 7.5 million Venezuelans participated a symbolic referendum vote to reject Maduro’s plan, with nearly all participants voting against the constituent assembly.

    The assembly has also been denounced by numerous world leaders, including former Mexican President Vicente Fox, who was banned from Venezuela after attending the referendum vote alongside other Latin American officials.

    In a statement issued by the White House last week, U.S.A. President Trump praised the referendum’s “huge turnout” and threatened to “take strong and swift economic actions” against the Venezuelan government if the constituent assembly is elected on Sunday.

    Tuesday’s sanctions, which freeze the U.S.A. assets of 13 Venezuelan officials and bar them from conducting business with U.S. entities, appear to be an effort to deter Maduro allies from participating in the constitutional rewrite.

    “Anyone elected to the National Constituent Assembly should know that their role in undermining democratic processes and institutions in Venezuela could expose them to potential U.S. sanctions,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday, adding that the U.S.A. “will not ignore the Maduro regime’s ongoing efforts to undermine democracy, freedom, and the rule of law.”

    Since assuming the presidency in 2013, Maduro has been accused of enforcing a dictatorship that jails opposition leaders, sensors news outlets, and has essentially ruled by decree since the opposition took control of congress in 2015.

    As my colleague Weston Phippen pointed out earlier today, next week’s election will likely signal the end of democracy in Venezuela as Maduro seeks to regain authority over the Venezuelan congress, or National Assembly — the nation’s only remaining democratic institution and a critical check on the president’s power.

    In March, Maduro attempted to dissolve the assembly through the Venezuelan supreme court, which remains loyal to his government, but later rolled back the measure due to international backlash. In recent weeks, however, Maduro has affirmed his desire to pursue an election at all costs, arguing that he “won’t be intimidated” by outside pressure.

    On Wednesday, Maduro called the latest round of U.S.A. sanctions “illegal, insolent, and unprecedented.” “Who do these imperialists in the United States think they are,” he asked, “the government of the world?”

    Among those sanctioned were national elections director Tibisay Lucena, army chief Jesus Suarez, national police director Carlos Perez, and former vice president Elias Jaua, a leading organizer of the upcoming election, whom Maduro honored at the Wednesday ceremony in Caracas.

    The sanctions also targeted senior employees of Venezuela’s state oil company, PDVSA.

    U.S.A. officials told Reuters on Wednesday that the sanctioned individuals have been accused of corruption, threatening Venezuela’s democratic institutions, and supporting Maduro’s governmental crackdown.

    The officials also hinted that the sanctions could be part of a “steady drumbeat” of economic penalties lobbed against the Maduro regime.

    Indeed, many White House insiders speculate that Tuesday could precede a larger sanctions package against Venezuela’s energy sector — one all but guaranteed to disrupt the Venezuelan economy, but unlikely to usurp Maduro’s overwhelming influence.

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