Seventh major oil find by ExxonMobil

Minister of Natural Resources, Raphael Trotman today announced another major oil find offshore Guyana, at the Pacora Well located 4 miles from the Payara discovery.

In a short notice from the Department of Public Information, the agency said the announcement was made immediately after cabinet meeting concluded on Tuesday.

The oil find is the seventh for the oil major, ExxonMobil, offshore Guyana since 2015.

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

On January 25, ExxonMobil Corporation announced positive results from its Ranger-1 exploration well at which it encountered approximately 230 feet (70 meters) of high-quality, oil-bearing carbonate reservoir. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water.

Additional information on the find will be released as details become available.

The Minister also announced that the government, in the coming months, will establish the Department of Energy which will be housed in the Ministry of the Presidency. Minister Trotman has been appointed head of the Task Force which will be responsible for submitting to Cabinet a proposal on how the Department of Energy is to be structured and staffed.

The Task Force will also comprise other ministers of government.