The Esso exploration well, the Liza-1 on the Stabroek Block has found Hydrocarbons, according to Minister of Natural Resources and the Environment, Robert Persaud during an interview, a release from his ministry said today but he added that it was too early to say whether it is in viable quantities.
There have been several cases here of hydrocarbons being found at drill sites without there being oil in commercial quantities.
Persaud said that a full evaluation of the results is underway from the exploration company.
The release said that Persaud remains optimistic of a hydrocarbon discovery in commercial quantities.
In early March of 2015, Esso Exploration and Production Guyana Ltd. (EEPGL) began drilling the exploration well, the Liza-1 prospect, on the Stabroek Block, using the drill-ship, Deepwater Champion.
The Deepwater Champion is located approximately 120 miles offshore Guyana,