Another major oil find

Minister of Natural Resources Raphael Trotman yesterday announced another major oil find by ExxonMobil as well as the government’s decision to establish a Department of Energy which would take responsibility for the petroleum sector.

Following yesterday’s Cabinet meeting Trotman announced via the Department of Public Information (DPI) that the Pacora-1 well has in the last 48 hours become the site of Guyana’s seventh major oil discovery.

ExxonMobil Corporation announced today its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well and is projecting daily production of 500,000 barrels oil per day when all phases are in operation.

In a statement today, ExxonMobil said that it encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of water. Drilling began on Jan. 29, 2018.

“This latest discovery further increases our confidence in developing this key area of the Stabroek Block,” said Steve Greenlee, president of ExxonMobil Exploration Company. He added that “Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day.”

Guyana rich