Exxon Mobil discovers major oil reserves off Guyana

09/01/2018 11:40 Oil Market

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Exxon Mobil Corp declared that it had found a major oil reservoir off the coast of the South American state of Guyana.

The oil discovery took place in a region deep in the Atlantic Ocean named the Stabroek Block. The reservoir expands on a surface of 26,800 square kilometers (6.6 million acres). Neighboring country Venezuela has claimed it owns several parts of the block.


Exxon Mobil’s Ranger-1 well discovered the reservoir that represents the sixth largest discovery the company has made off Guyana’s coast since 2015. The well was drilled to a depth of 6,450 meters (21,161 feet) in 2,735 meters (8,973 feet) of water.


Steve Greenlee, the president of ExxonMobil Exploration Company, affirmed: “This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities. This discovery proves a new play concept for the 6.6 million acre Stabroek Block and adds further value to our growing Guyana portfolio.”


In the latest couple of years, Venezuela has urged Exxon Mobil to stop drilling in the Stabroek Block until its border row with Guyana is solved. Guyanese government told in December that the oil firm was funding its legal fight against its neighbor. According to remarks made by Guyanese representatives, the United Nations is likely to send the dispute to the International Court of Justice by the end of March.


Venezuela is in a political and economic crisis partially instigated by lower incomes of its state-owned petroleum company PDVSA.
 

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