A discovery ff oil by Exxon Mobil off the coast of Guyana suggests the country is emerging as the sector's next major hot spot, a regional player said.

Exxon announced a new discovery at its Snoek well offshore Guyana earlier this week. It's the third such discovery for the supermajor and drilling was in reservoirs similar to those previously encountered. In its declaration of discovery, Exxon said Snoek was part of a "significant," but technically complex, offshore prospect.

Attention to Guyana follows support from the International Monetary Fund of national plans to develop a legal framework for managing its oil wealth. The IMF said growth for Guyana was steady, but uneven, with a gain in real gross domestic product of 3.5 percent expected this year, driven in part by expansions in the broader extractive industries.

Eco (Atlantic) Oil & Gas Ltd. said Friday that Exxon's third discovery offshore Guyana solidified the country as an emerging prospect in northern South America. The Snoek prospect is about five miles from the company's 700-square-mile Orinduik block.

Gil Holzman, the company's CEO, said the Snoek discovery shows Guyana is emerging as one of the better oil and gas prospects in the world.

"Such developments merely reinforce the board's growing conviction that Eco-Atlantic's collection of international oil and gas prospects represents a significant, potentially world-class portfolio," he added.

The Liza field off the coast of Guyana was considered one of the industry's largest find in a decade. A production test by Exxon last year in the Liza-2 well indicated the presence of between 800 million and 1.4 billion barrels of oil equivalent.

A survey from the U.S. Geological Survey finds the waters off the coast of Guyana may be among the more lucrative oil basins in the world, with a mean undiscovered resource potential at around 15.2 billion barrels.

Tweet

PetroChina profit plunges 78% to record low
Shanghai (AFP) March 30, 2017
State-owned Chinese energy giant PetroChina on Thursday announced it slumped to a record-low profit for 2016 as global oil price weakness slashed earnings by 78 percent. Net profit fell to 7.86 billion yuan ($1.1 billion), the Beijing-based company said in a statement to the Hong Kong stock exchange, where it lists shares. Bloomberg News reported that the profit figure was a record-low f ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only