THE United States multi-national oil and gas giant, ExxonMobil has expressed confidence in exploration activities in Guyana and therefore will be deploying further resources in this regard. This is according to Minister of State in the Ministry of the Presidency, Joseph Harmon.Minister Harmon, addressing his weekly post-Cabinet briefing yesterday, informed that Cabinet was briefed of a visit, during this week, of three of ExxonMobil’s Executives to Guyana. The team

included the President of Exploration Steven M. Greenlee, Executive Vice-President Exploration Mike Husten and Vice President, America, Erik Oswalk.

Harmon explained that Cabinet, during the visit of these executives, reaffirmed its commitment to the exploration work being done offshore in Guyana’s waters.

The oil and gas exploration began in Guyana around mid-March, this year, drilling offshore in the Stabroek Block. Just two months later, on May 20, the company announced that its engagement in Guyana was proving successful, as its exploration drill ship, the Deepwater Champion, had found a deposit of a ‘significant’ amount of oil in the Stabroek Block, about 120 nautical miles offshore Guyana. This discovery was made in one of the two wells it dug, in the Liza-1 drill site and which realised more than 295 feet of high-quality oil-bearing sandstone.
The petroleum find by the U.S. firm ExxonMobil is being estimated to be as many as 1.5 billion barrels of oil.

Since the announcement by ExxonMobil of its find, the Venezuelan Government has laid claim to Guyana’s territory. Through a Presidential decree it laid claim to Essequibo. The country had also sent notices to ExxonMobil to refrain from exploring for oil in the area claimed by the neighbouring country.

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