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Drill Baby Drill, Guyana Sits On Large Oil Reserves

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United States oil company ExxonMobil and its partners Hess International and CNOOC International have made their 15th oil discovery, at the Mako-1 Well southeast of the Liza field in the Stabroek Block Guyana.

“This discovery by ExxonMobil and its partners comes on the heels of the start of oil production. The Cooperative Republic of Guyana is experiencing a truly historic moment that has all the ingredients to facilitate a paradigm shift towards sustained economic transformation.” Dr. Bynoe said.

This discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block.

The Mako-1 Well encountered approximately 164 feet (50 meters) of a high-quality oil-bearing sandstone reservoir. The Well which was drilled in 5,315 feet (1,620 meters) of water, is located approximately six miles (10 kilometers) southeast of the Liza field, which began commercial production of oil on Friday, December 20, 2019.

“The Government of the Cooperative Republic Guyana will continue to conscientiously and assiduously to ensure that petroleum revenues benefit all Guyanese through the ‘Decade of Development’ 2020-2029. The Department of Energy will continue to be at the vanguard of this effort through, inter alia, strengthening its capacity and building out the legislative framework to allow for effective and efficient management of Guyana’s hydrocarbon resources and enhanced value retention,” Bynoe added.

This newest geological discovery will have to undergo further appraisal to determine its commercial value and the resource base.

The Liza Phase 1 development will produce up to 120,000 barrels of oil daily utilizing the floating production storage and offloading vessel (FPSO), Liza Destiny.

The Stabroek Block is 6.6 million acres (26,800 square kilometers).