Gov’t hopes major oil find attracts more int’l firms to explore

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The Government of Guyana is anticipating that other international firms will express an interest in investing in exploratory operations here given the major oil discoveries made by ExxonMobil and its production partners.

According to statement from the Department of Public Information (DPI), the Ministry of Natural Resources (MNR) is extremely pleased with the six bountiful discoveries made by Esso Exploration and Production Limited Guyana (a subsidiary of ExxonMobil), CNOOC Nexen Petroleum Guyana Limited and Hess Guyana Exploration Limited.

“MNR expects that other international operators will draw confidence from Esso Exploration/CNOOC/Hess’s presence, and these six finds, and diligently pursue their own exploratory work programmes,” the statement explained.

The Government disclosed that several companies have already advanced their seismic data collection and are expected to drill this year.

ExxonMobil Corporation announced today positive results from its Ranger-1 exploration well, marking ExxonMobil’s sixth oil discovery offshore Guyana since 2015.

The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.

The DPI statement said the Guyana Government is “gratified” by this latest discovery, especially at the commencement of a new year.

“The news of an additional find of this magnitude, particularly, at the start of the new year, can be seen as a further blessing and underscores the richness and diversity of Guyana’s natural resources. Managed prudently, these resources will allow for an enormous transformational effect on the lives of every Guyanese in the years ahead,” the statement noted.

The statement adds that the MNR is pleased that its strategy of engagement with Esso Exploration/CNOOC/Hess and its partners is leading to bountiful discoveries, and overall, the Government is elated that Esso Exploration/CNOOC/Hess remain ahead of their exploration schedule for the entire Stabroek block.

The Government, in the statement, said it remains committed to all efforts for the safe and efficient development of the offshore Guyana basin.

The Government said it also calls on all stakeholders to act responsibly and patriotically as Guyana continues its thrust into this new sector and as news and events continue to unfold about the extent of the oil reserves offshore and the manifold opportunities and benefits for the Guyanese people.

 

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