The find was made at the Yellowtail-1 Well and represents the third discovery for this year and the fifth in the Turbot area, where ExxonMobil is evaluating its potential as an additional development hub.
Discovered resources globally of conventional oil and natural gas surpassed 4.5 billion barrels of oil equivalent in the first half of 2018, making for an exciting recovery with Guyana leading the way, according to analysis by Rystad Energy. Average monthly discovered volumes are 826 million barrels of oil equivalent. This is a 30% increase from 2017.
The Norwegian oil and gas research firm Rystad Energy is predicting that Guyana's oil sector could generate annual revenue of US$15 billion and that the government would pocket most of the profit generated from the explorations.
Falkland Islands lawmaker MLA Ian Hansen made on Wednesday a courtesy call on Guyana's Minister of State Joseph Harmon at his office in the Ministry of Presidency, in Georgetown, the country's capital.
Exxon Mobil Corp. has discovered more oil on the Staborek block offshore Guyana, northeast South America, with the Turbot-1 well. ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began drilling the Turbot-1 well on Aug. 14, 2017, and encountered a reservoir of 23 m of high-quality, oil-bearing sandstone in the primary objective.
ExxonMobil and its partner Hess Corp. have announced that the major discovery off the coast of Guyana, in the north of South America and bordering with Venezuela, is a discovery that is much larger than previously expected.
Against the background of what he said were continued territorial threats from both Venezuela and Suriname, Guyana President David Granger has announced a Total National Defense Policy.
Unasur (Union of South American Nations) member Guyana is asking Google to remove certain street names near its disputed shared border with Venezuela, Guyana's foreign minister announced. The names, in Spanish, seem to suggest they are part of Venezuela, Carl Greenidge said.
An ExxonMobil rig that re-ignited a maritime boundary dispute between Guyana and Venezuela has now left the area, a Guyanese official said on Monday, but denying it was because of Venezuelan pressure.
Guyana's territorial dispute with neighboring Venezuela represents a threat to its very survival, President David Granger warned Friday in Washington. After a recent offshore oil find, the row between the two countries has escalated, with Venezuela laying claim to a huge swathe of Guyana's territory.