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Caribbean & Central America - November 2016 (ISSN 1741-4458)
GUYANA: New oil discovery accompanied by warning on costs
At the end of October, US oil giant ExxonMobil announced a third major oil discovery in Guyanese waters. In May 2015, the company announced that its Liza-1 well could hold a reservoir of 700m barrels of crude. To this, it added as much as 1.4bn barrels with this year’s Liza-2 discovery. Following the drilling of Liza-3 to a depth of 18,100 feet in 6,000 feet of water about 193kn from Guyana’s coast, and about 2.7 miles from the Liza-1 well, ExxonMobil announced: “Based on the positive results of the Liza-3 well, we now expect Liza to be at the upper end of the previously announced estimated recoverable resources.” It added that drilling will now move to a new site 10 miles north-east of Liza where the company is “targeting a similar reservoir package to what was seen at Liza”.
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