NEWS GRAPHIC 15Guyana looks to be set to join the group of oil producing nations, as news was made public by ExxonMobil that it has found a deposit of a ‘significant’ amount of oil in the Stabroek Block, some 120 nautical miles offshore Guyana.

It was discovered in one of the two wells it drilled in the Liza-1 site, which realised more than 295 feet of high-quality oil-bearing sandstone. The well was started or “spudded” on March 5, 2015, and the data will be analysed in the coming months to determine the full resource potential.
Guyana has been identified by several surveying companies as one of the world’s greatest untapped potential sources for hydrocarbons.