Georgetown, GINA, May 9, 2015

HEAD of State Donald Ramotar was yesterday morning officially briefed on the current status of operations being carried out by Exxon Mobil, and their latest development. Esso Country Manager Jeff Simon met with the President at the Office of the President, and according to the President, he was brought up to speed with the current drilling process which is ongoing at the Liza-1 well on the Stabroek Block.
“…The optimism that they have is that there is a possibility for us finding oil in commercial quantities here. I was briefed on the issue. I would say they are cautiously optimistic that we can find oil here in commercial quantities.”
The President added that thus far the indications found have made the company even more optimistic.
Earlier this week the Minister of Natural Resources and the Environment, Robert Persaud announced that the Esso exploration well, the Liza-1 on the Stabroek Block, using the drill-ship, Deepwater Champion located approximately 120 miles offshore Guyana, encountered hydrocarbons.
However, he pointed out that it is too early to confirm whether there are commercial quantities of hydrocarbons, specifically light crude. Minister Persaud revealed that a full evaluation of the results is underway from the exploration company.
In the first half of 2015, Esso Exploration and Production Guyana Ltd. (EEPGL) drilled an exploration well, the Liza-1 prospect, on the Stabroek Block, using the drill-ship, Deepwater Champion.
Esso Exploration and Production Guyana Ltd. (EEPGL), an affiliate of ExxonMobil, holds 45 percent interest. Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest. (Natural Resources and Environment)