Exxon Says 2nd Well Confirms Major Offshore Guyana Discovery
01 July 2016 - 12:01AM
Dow Jones News
By Tess Stynes
Exxon Mobil Corp. said a second exploration well roughly 120
miles off the coast of Guyana confirms a "world class" discovery of
high-quality oil in the Stabroek block.
The Irving, Texas, oil giant initially unveiled the discovery of
massive offshore oil and gas deposits off the coast of the small
South American nation in May 2015.
On Thursday, Exxon estimated potential recoverable resources of
between 800 million oil-equivalent barrels and 1.4 billion
oil-equivalent barrels.
Exxon said the Liza 2 well, located about two miles from the
Liza 1 well, was drilled to 17,963 feet in 5,551 feet of water. The
Liza 2 well encountered encountered more than 190 feet (58 meters)
of oil-bearing sandstone reservoirs.
Exxon Mobil affiliate Esso Exploration and Production Guyana
Ltd. has a 45% interest the Stabroek block and is the operator on
the project. Hess Corp. has a 30% interest in the project and CNOOC
Ltd. has a 25% interest.
Hess shares rose 3% to $59.50, Exxon shares eased 21 cents to
$92.25, and Cnooc's American depositary shares were inactive in
recent premarket trading.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 30, 2016 09:46 ET (13:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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