oilrig

2015 may be the windfall year for Guyana following the discovery of Hydrocarbons 120 miles off the shores of Guyana on the Stabroek Block. The discovery was made by Esso Exploration and Production Guyana Ltd, an affiliate of the international oil and gas giant ExxonMobil, in May 2015 at the Lisa-1 well.

The discovery made massive international headlines. In a statement the company said the well “encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water.”

The statement also quoted Stephen M. Greenlee, President of ExxonMobil Exploration Company, as expressing his optimism

over the discovery. “I am encouraged by the results of the first well on the Stabroek Block,” he said. “Over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block.”

The company has since reported that the data obtained at the well will be analyzed to determine the commercial value and potential.

Given that the Stabroek Block is 6.6 million acres (26,800 square kilometers), some analysis suggests that the hydrocarbons represent a huge oil find in deep-water exploration. Almost immediately following the announcement, the market responded with share prices for competing oil exploration


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