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ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs off Guyana.

News Americas, IRVING, Texas, Thurs. May 21, 2015: The CARICOM nation of Guyana could have an oil rich future ahead of it.

Days into the new APNU+AFC administration, Exxon Mobil Corporation has announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana.

The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Stabroek Block is 6.6 million acres (26,800 square kilometers).

The Well is first on a 6.6-million acre Stabroek Block and drilled to 17,825 feet. The Stabroek Block is located off a border region that is claimed by Venezuela in a territorial controversy dating back more than a century.

“I am encouraged by the results of the first well on the Stabroek Block,” said Stephen M. Greenlee, president of ExxonMobil Exploration Company. “Over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block.”

The well was spud on March 5, 2015. The well data will be analyzed in the coming months to better determine the full resource potential.

Esso Exploration and Production Guyana Ltd. holds 45 percent interest. Hess Guyana Exploration Limited holds 30 percent interest and China National Offshore Oil Company Nexen Petroleum Guyana Limited holds 25 percent interest.

The government said it is “optimistic of a hydrocarbon discovery of commercial quantities which will further transform Guyana’s economy.”

Exxon signed an agreement with Guyana to explore the 26,800 square kilometer (10,350 square mile) block, 160 to 320 kilometers (100 to 200 miles) offshore, in 1999.

The news comes as Goldman Sachs said Wednesday it believes that despite the falling crude oil prices, Exxon Mobil has the potential to cover its dividend for the period 2016-2017.

According to Goldman Sachs Exxon, due to the cash it possesses, holds the ability to increase its dividend for the next several years.

New Cabinet

Meanwhile, new Guyana President Granger on Wednesday, May 20th swore in several members of his new cabinet.

Moses Nagamootoo was not only named Prime Minister but first Vice President. Carl Greenidge was named Minister of Foreign Affairs while Winston Jordon was named Finance Minister,.

Amna Ally was named Minister of Social Cohesion; Volda Lawrence – Minister of Social Protection; Dr George Norton -Minister of Public Health; Dr Karen Cummings – Minister within the Ministry of Public Health; Dr Rupert Roopnarine – Minister of Education; Nicolette Henry – Minister within the Education Ministry; Simona Broomes – Minister within the Ministry of Social Protection; David Patterson – Minister of Public Infrastructure; Annette Ferguson – Minister within the Ministry of Public Infrastructure while Ronald Bulkan was named Minister of Communities.

The Ministers of Home Affairs, Indigenous People, Investment and Business are expected to be sworn in today.

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