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Former Member

Exxon Mobil: Oil prospecting off Guyana shows promise

By BERT WILKINSON, 2 hours ago, May 07, 2015, Source

GEORGETOWN, Guyana (AP) — The latest effort to find oil and natural gas in disputed waters off Guyana is showing promise, a representative of Exxon Mobil in the South American country said Thursday.

Exxon Mobile country manager Jeff Simons said a bore hole in the Atlantic Ocean in an area claimed by Venezuela has produced positive results though he declined to discuss specifics about what had been found.

"We have found hydrocarbons but we are still evaluating to see to what extent it is in commercial quantities," Simons said. "We do not want to go too far down the road at this point. We will know after the testing and evaluation are done."

Natural Resources Minister Robert Persaud planned to meet with company officials and discuss the find.

Decades of exploration in Guyana have yet to locate a viable source of oil or gas despite the proximity of energy-rich Venezuela and Trinidad and Tobago.

Venezuela has long claimed about two-thirds of Guyana's territory as well as the offshore area where Exxon Mobil began drilling in March.

In October 2013, the Venezuelan navy detained an oil research vessel operating under contract for U.S.-based Anadarko Petroleum Corp. Guyana Foreign Minister Carolyn Rodrigues-Birkett said in March that the country would push ahead with exploration in the area despite protests by the Venezuelan government.

Replies sorted oldest to newest

Former Member

Great news. This will prove the naysayers wrong soon enough.

5/7/151:42 PM

Former Member

Venezuela may not be happy with the news coming out of Guyana. I believe from here one they will make more claim on the border issue.

5/7/152:37 PM

Former Member

Venezuela indeed may not be happy with the oil exploration but there is not much they can do except talking.

5/7/152:51 PM

Former Member

Hope DG Hope get de PPP to pramise yuh 99 virgins....

5/7/155:01 PM

Former Member

Could you imagine the PPP and oil revenues? A resource curse does not begin to cover the prospect of such a predicament. In any event, even if they find it they will not seek to extract it for another decade.

5/7/155:04 PM

ballSenior Member

shilling oil he he he

5/7/155:09 PM

Former Member

The exploration for oil and natural Gas was done under the PPP watch five years ago. The good news come under the PPP watch. Even if it takes a decade for them to pull up the wealth, it is the long term investment of the PPP that many thought it could never happen. I believe then and I believe now. The Amaila Falls will be the same. It will start and bring fruitful results.

5/7/155:15 PM

Former Member

5/7/155:17 PM

Former Member

Grenedge is no stranger to the treasury. He bankrupted Guyana his whole life as finance minister. He is well trusted with the oil royalty.

5/7/155:27 PM

Former Member

Originally Posted by Cobra:

Grenedge is no stranger to the treasury. He bankrupted Guyana his whole life as finance minister. He is well trusted with the oil royalty.

Greenidge never stole 4.5 Billion like Ashni Singh.

Just sayin...........

5/7/155:29 PM

Former Member

Even if Ashni stole 4.5 Billion, they had something to show for it. Greenidge bankrupt the country and still have nothing to show for it. That's the difference between finance ministers.

5/7/155:46 PM

PointblankSenior Member

Political gimmick to buy votes. In 2008/2009 one of the Oil Exploration company found dark substance after drilling and the Government came out with great applause and they took it to the laboratory to have it tested only to realize it was some other substance and not oil

5/7/156:30 PM

Former Member

Originally Posted by Stormborn:

Could you imagine the PPP and oil revenues? A resource curse does not begin to cover the prospect of such a predicament. In any event, even if they find it they will not seek to extract it for another decade.

In any development, it indeed does take time for the project to be operational.

However, during the development stages, there are always expenditures and employment opportunities.

5/7/158:23 PM

Former Member

Originally Posted by Cobra:

Even if Ashni stole 4.5 Billion, they had something to show for it. Greenidge bankrupt the country and still have nothing to show for it. That's the difference between finance ministers.

What did they have to show for it? a hit and run?

The Fiber optic goadie? wha dem gat to show for dat 4.5 billion UG?

You must be a retard.

5/7/159:49 PM

cainTired old hippie

Originally Posted by Cobra:

The exploration for oil and natural Gas was done under the PPP watch five years ago. The good news come under the PPP watch. Even if it takes a decade for them to pull up the wealth, it is the long term investment of the PPP that many thought it could never happen. I believe then and I believe now. The Amaila Falls will be the same. It will start and bring fruitful results.

What long term investment chap?

5/7/1511:32 PM

MarsSenior Member

‘Oil find’ is a non-news story created for political mileage

May 7, 2015

0 15

“US oil giant finds oil offshore Guyana” runs the headline in CaribNewsDesk and soon after PPP/C Candidate Charles Ramson Jr writes on FB: “Guyana strikes oil! The 2 things that have been promised by Burnham since the 1960s i.e. a massive hydro-electricity plant and for Guyana to become an oil and gas producing country are exactly what the PPP/C will deliver to the people of Guyana. Vote PPP/C on May 11th 2015.”

Wow Wowwwww WOOOOOOOOOOOOOOWWWWWW This is amazing! A dream come through or true, whatever! Every Guyanese is going to be a petro-millionaire! We will need ten Marriotts to fit all the oil executives and developers! Guyana will be the Dubai of South America! Start buying up real estate NOW! Call Tony Reid!

We’re so excited we don’t want to even read what that God the Minister of Natural Resources Robert Persaud announced: “that Exxon Mobil’s rig has “encountered Hydrocarbons” GREEATT!!!! Hydrocarbons are oil right? “it is too early to confirm whether there are commercial quantities of hydrocarbons, specifically light crude.”

Ok…oh…so…what he’s saying is they found some hydrocarbons…but they’re not sure it’s the right kind (light crude oil) and it might not be in commercial quantities? We see…and then what’s this Exxon’s Country Manager Jeff Simon is telling the Associated Press? “We do not want to go too far down the road at this point. We will know after the testing and evaluation are done.”

Oh right…Jeff’s just being cautious..It’s there oil!!!! oil!!! oil!!!

And with this major, major discovery Exxon Mobil’s share price must have jumped on the news. Right?

It didn’t.

Perhaps because this so called “oil find” is in the same vein of “evidence of petroleum occurrences” which were found by Repsol and its consortium partners back in August 2012. In that case “Drilling of the Jaguar-1 well was stopped at a depth of 15,998 ft and the decision to plug and abandon was taken unanimously by all partners based on the high pressures encountered.” (GINA)

So to find some hydrocarbon on a test drill is essentially meaningless especially since Venezuela, Suriname and Trinidad all have neighboring reserves. And then Exxon if it finds any of the right kind and in any commercial quantities would need a minimum of seven years and be affected by countless variables, including whether it is economical to drill with an oil price in the $60 per barrel range, before the country would begin to see one dime of royalties.

Instead what this announcement smells of, no reeks of like crude oil, is political manipulation of information ahead of a crucial election in four days. President Ramotar was reported to have told the Exxon executives that he wanted them to find oil before May 11. Now we hear he is bugging them to go out to the rig again! That they felt compelled to release this information before having any confirmed findings is not so much evidence of oil but instead how desperate the PPP/C remains ahead of May 11.

http://gtmosquito.com/the-bite...r-political-mileage/

5/7/1511:36 PM

MarsSenior Member

APNUAFC

6 mins ·

Exxon executives livid with premature release by Robert Persaud oil find announcement

Oil executives are furious with Energy Minister and the PPP. Their engineers have said that what Persaud and the PPP are making a fuss over is nothing more than "fossilized goo". It was not exposed to the right amount of pressure to form liquid hydrocarbons.

Further executives noted that while any announcement of this nature can have positive short term impact on share prices, the medium and long term effect can be devastating as false alarms can cause their stock to plummet.

5/8/155:47 PM