Second well confirms Guyana’s massive oil reserve

Jun 26, 2016 News

Exxon Mobil has drilled another well on the shores of Guyana. This drill has confirmed that Guyana’s oil reserve is even larger than believed.  The new well—Liza Two—is said to be just as promising as the first.
Kaieteur News was recently informed that there was a new find. However, when contacted yesterday, Minister of Natural Resources, Raphael Trotman said, “I would not say that there was a new find; it is more of an appraisal.”
The Minister explained that there has indeed been a new well—Liza Two—but said that this is an appraisal well. “It serves as an appraisal for the last find.”
Trotman said that tests have been carried out over the last few weeks “and I hope to get a report soon on those tests.”  The Minister said that he couldn’t  speak any further until the report has been received and he has more information on Liza two. The report will indicate quantity.

Minister of Natural Resources,
Raphael Trotman

Kaieteur News understands that the drilling of the second well commenced in April. The appraisal well was put down a short distance away from the first well that Exxon Mobil drilled—Liza One.  The fact that another drill in such close proximity to Liza One has been found to be lucrative speaks to how wide the reserve actually is.
Last year Exxon made a deepwater Liza oil discovery in the Stabroek Block, located around 120 miles offshore Guyana.
Even with the initial find, experts said that Guyana will be placed prominently on the oil and gas map.
While oil prices are currently low, history shows that it always goes back up.  Exxon Mobil is a United States Of America Company. United States Ambassador to Guyana, Perry Holloway, told Kaieteur News that the low oil prices is actually a good thing for companies currently exploring as need for equipment and expertise can be sourced at a far lower price as compared to when oil is doing well.
Guyana would not begin pumping oil out of the ground until another few years. It is hoped that by that time oil prices will be up again. (Abena Rockcliffe-Campbell)