The Government of the Cooperative Republic of Guyana has congratulated ExxonMobil and its partners, Hess Guyana and CNOOC Nexen Petroleum, on another historic oil discovery offshore Guyana at the Longtail-1 well. This brings to a total of eight reservoirs in which oil has been discovered.
ExxonMobil announced that it encountered approximately 256 feet of high quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet in water 6,365 feet deep in the southeast area of the Stabroek Block.
This discovery will add to the 3.2 billion oil-equivalent barrels which have already been discovered in seven previous reservoirs: Liza, Payara, Liza Deep, Snoek, Turbot, Ranger*Pacora
*3.2 billion oil-equivalent barrels does not include the Ranger reservoir which has not yet been determined.
Government is equally delighted that ExxonMobil and its partners will bring a third drillship in Guyana’s waters, adding to the Stena Carron and the Noble Bob Douglas.
The government views this not only as an unmistakable demonstration of ExxonMobil’s confidence in Guyana’s vast offshore reserves but also in the prudent management of its national affairs in general and the budding oil and gas sector specifically.
“This 8th discovery at Longtail-1 is yet another verification and validation of Guyana’s massive offshore oil reserves. All Guyanese will be brimming with further excitement of this historic news which reinforces that in the near future Guyana’s share of profit oil will allow for national infrastructural, economic and social transformation hitherto unimaginable,” Minister of Natural Resources Raphael Trotman said.
“The people of Guyana have the assurance that with the Coalition Government their country is in stable, responsible and judicious hands, managing with their best interest and the interest of future generations in mind,” Minister Trotman added.
“There are those who have expressed the desire for Guyana to begin embarking on an irresponsible spending and borrowing spree but we urge all Guyanese not to be baited by these pie-in-the-sky enticements and to understand that a sensible approach is what is required and advisable as we stride confidently towards first oil in May, 2020,” Minister Trotman said.
Government is further reassured that the sound policies of the David Granger/Moses Nagamootoo led Coalition are being again vindicated despite some naysaying, uninformed pseudo-analysis and public posturing.
These are indeed exciting times for Guyana and the government appeals to all Guyanese to look to the future with anticipation and assurance that Guyana is moving meaningfully forward and that a better life for all Guyanese is ahead.