THE Stabroek Block is now being estimated to contain 3.2B oil recoverable barrels following the discovery of high bearing oil reservoir at the Ranger-1 field.

“Today we felt confident to increase our estimate for the Stabroek Block so that’s the five finds to date (Liza, Liza Deep, Payara, Turbo, and Snoek); it doesn’t include Ranger,” Exxon’s Public and Government Affairs Director, Kimberley Brasington told the Department of Public Information (DPI).

The Stabroek Block which is located offshore Guyana is 6.6 million acres (26,800 square kilometres) and was previously estimated at 2.25 to 2.75 billion oil-equivalent barrels. ExxonMobil’s affiliate, Esso Exploration, today announced that it encountered 230ft of the high-quality oil-bearing reservoir at the Ranger-1 field after drilling in 9,000ft of water and 21,000ft into the earth.

The company began drilling Ranger-1, which is located 60 miles northwest of Liza, last November. Brasington noted that this find is “a carbonate reservoir as opposed to sandstone” which the other discoveries were. She explained the difference between these two distinctions: “A carbonate play…it’s more porous and so it’s similar to a reef that…hardens over time. That is the difference…the sandstone is tighter. It’s just a completely different geology than we have discovered in the Stabroek block to date.”

However, Brasington was cautious to quantify the new find. “It’s too early to speculate on how big the actual Ranger field is right now. We will drill another appraisal well, a Ranger-2 well, in 2018 that will help us determine the full commerciality of Ranger and identify the size of it,” she explained.

Meanwhile, the discovery has increased confidence among Exxon and its partners, CNOOC Nexen and Hess Corporation, for exploring the Stabroek Block. Brasington noted the Stenna Carron drill rig is expected to move to a new field, Pacora, after wrapping up appraisal drilling at Ranger-2. Brasington said that Exxon remains committed to transparency even as it continues exploration and development of the Stabroek Block. “The Petroleum Agreement is that binding document in which we all operate under to bring these resources to bear and so that contract holds us accountable to the people of Guyana to develop this resource in a responsible way, so the country can benefit from the revenue.”

The discovery is said to be more than 230ft of high-quality oil-bearing reservoir in the Ranger-1 field. The oil findings, to date, Liza, Payara, Snoek, Liza Deep and Turbot, are estimated to have total recoverable resources of more than 3.2 billion barrels of oil equivalent.

Minister of Natural Resources Raphael Trotman in a statement to the Department of Public Information (DPI) said “This is a most historic discovery for Guyana. It will allow for immense transformational development of our nation in the coming years. Despite much naysaying and attacks against this process, I am confident that Guyana is on the right path”.

Minister Trotman pointed out that The Peoples Progressive Party (PPP) “has opted to pursue an all-out attack with a view to gaining control of everything. They have hired mercenaries, masquerading as experts, to try to impugn everything good that is happening.” He further assured that the government remains focused towards achieving first oil and beyond in the most efficient manner. The minister urged all stakeholders to join with the government in supporting the development and oversight of the petroleum industry.

Prime Minister Moses Nagamootoo stated that Guyanese should be optimistic about this new find. He explained that from the information received “this new find is like an inverted triangle, upside down and deep and billions of barrels of oil would be harvested from this find.” Prime Minister Nagamootoo said, “Guyana is going to be a country that depends on its rich resources not exclusively, but we are blessed to have new discoveries in the Stabroek block.”

The Stabroek Block lying offshore Guyana is 6.6 million acres (26,800 square kilometres). Esso Exploration and Production Guyana Limited is the operator holding 45 percent interest in the Stabroek Block, while Hess Guyana Exploration Limited and CNOOC Nexen Petroleum Guyana Limited hold 30 percent and 25 percent interests respectively.