Exxon Mobil says oil discovery off Guyana is 'significant'

AP News
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Posted: May 20, 2015 3:40 PM

GEORGETOWN, Guyana (AP) — Exxon Mobil Corp. is disclosing more information about what it calls a "significant" oil discovery in a disputed area off Guyana.

The company says it encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs in the drilling site known as the Stabroek Block. The area is about 120 miles off Guyana and is claimed by neighboring Venezuela as part of a long-running border dispute.

Exxon Mobil and the government of Guyana said May 7 that the drilling was showing promise but did not provide details. The company said in a statement Wednesday that it was still evaluating the commercial viability of the site. But ExxonMobil Exploration Co. President Stephen Greenlee said he was encouraged by the results of the first well in the 6.6 million acre block.