Press Statement on 19th Offshore Oil Discovery within the Stabroek Block

Press Statement on 19th Offshore Oil Discovery within the Stabroek Block

April 27, 2021

On behalf of the Government of Guyana and as Minister of Natural Resources with responsibility for the Petroleum Sector, it gives me great pleasure to announce Guyana’s 19th Offshore Oil Discovery at the Uaru-2 well within the Stabroek Block offshore Guyana.

The Uaru-2 discovery will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be over 9 billion oil-equivalent barrels. Drilling at Uaru-2 encountered high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery.

This new development in Guyana increases the potential to as many as 10 floating production storage and offloading vessels (FPSO) with an increase of the estimated recoverable resource given by operator, Esso Exploration and Production Guyana Limited (EEPGL).

As such the Government of Guyana welcomes the Uaru-2 discovery and remains committed to the sustainable development of Guyana’s Oil and Gas Resources to ensure that the benefit from this sector transforms all traditional productive sectors to enhance the lives of all Guyanese.

Hon. Vickram Bharrat M.P.,
Minister of Natural Resources
April 27, 2021

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