-Government reiterates commitment to offshore developments

American oil giant ExxonMobil on Friday announced its sixth oil discovery offshore Guyana, adding to its previous world-class discoveries since 2015.

According to a release from the company, its Ranger -1 well encountered approximately 230 feet of high-quality, oil-bearing reservoir, located some 60 miles northwest of its Liza phase one project within the Stabroek Block.

Exxon said that the new discovery provides a new play concept for the 6.6 million acre Stabroek Block.

The government in a release noted that in partnership with Exxon’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) and its partners CNOOC Nexen Petroleum Guyana Limited and Hess Guyana Exploration Limited, it is pleased and gratified by the new information.

The government noted too that it remains committed to all efforts for the safe and efficient development of the offshore Guyana basin.

“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,” government noted in a release through the Department of Public Information (DPI).

According to Exxon, 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 company said that its affiliate Esso ,  began drilling the Ranger-1 well on November  5, 2017 and 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. “This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities,” said Steve Greenlee, president of ExxonMobil Exploration Company.

“This discovery proves a new play concept for the 6.6 million acre Stabroek Block, and adds further value to our growing Guyana portfolio,” Greenlee said.

Following completion of the Ranger-1 well, the Stena Carron drillship will move to the Pacora prospect, 4 miles from the previous Payara discovery.

Exxon said that additional exploration drilling is planned on the Stabroek Block for 2018, including potential appraisal drilling at the Ranger discovery.

Meanwhile, the government noted that the Ministry of Natural Resources (MNR) is particularly pleased that its strategy of engagement with Esso Exploration/CNOOC/Hess and its partners is leading to bountiful discoveries. Overall, the Government expressed elation that Esso Exploration/CNOOC/Hess remain ahead of their exploration schedule for the entire Stabroek block.

The MNR expects that other international operators will draw confidence from Esso Exploration/CNOOC/Hess’s presence and the six oil discoveries and will diligently pursue their own exploratory work programmes.

Several companies have advanced their seismic data collection and are expected to drill in 2018, the DPI release stated.

The  government called 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.