Double strike!

(Department of Public Information) Guyana’s oil and gas sector continues to expand as the country moves towards first oil in early 2020. Director of the Department of Energy, Dr. Mark Bynoe this morning announced that both Tullow Oil and ExxonMobil have made discoveries of oil in commercial quantities.

The finds mark the second for Tullow in the Orinduik block, and the fourteenth for ExxonMobil in the Stabroek Block. This brings the total number of oil discoveries from 2015 to date, to 16.

“We are particularly appreciative of the prolific rate at which Guyana has been able to uncover very valuable resource,” Dr. Bynoe stated in an invited comment. He said that the fifteenth and sixteenth oil discoveries “demonstrates that the country has substantial oil resources.”

The Energy Director noted that while it is too early to determine the number of oil-equivalent barrels, Guyana’s estimated production has exceeded expectations.

“We now have to do further tests to be able to determine potential barrel equivalency before we can make that projection.  It seems as Guyana is well on the upward trajectory to be way beyond the 6.5 billion as we go forward.

(On Monday morning), it was announced that Joe-1 exploration well was successful; making it the second discovery of oil in two different wells operated by Tullow, in less than six weeks.

Read more at: Department of Public Information

Source: CARICOM TODAY