By Jomo Paul
[www.inewsguyana.com] – President Donald Ramotar has revealed that US-based oil giant Exxon Mobil is proceeding cautiously with the recent discovery of Hydrocarbons in the Stabroek Block offshore Essequibo in controversial waters.
In organic chemistry, a hydrocarbon is an organic compound consisting entirely of hydrogen and carbon in the oil industry; this is used as indicator with respect to whether oil is present in any particular area.
The majority of hydrocarbons found on Earth naturally occur in crude oil, where decomposed organic matter provides an abundance of carbon and hydrogen.
On May 09, President Ramotar met with Exxon Mobil Country manager Jeff Simmons and Company Representative Carlton James to be briefed on the discovery of the hydrocarbons and what it means for Guyana.
Speaking to the media shortly after the meeting, the President said “they are cautiously optimistic that we can find oil here in commercial quantities. According to what they are telling me, the indication of what they have found makes them optimistic.”
On May 07, Minister of Natural Resources and the Environment, Robert Persaud announced that Esso exploration well, the Liza-1 on the Stabroek Block, using the drill-ship, Deepwater Champion located approximately 120 miles offshore Guyana, has encountered Hydrocarbons.
A press release from the Ministry noted however that it is too early to confirm whether there are commercial quantities of hydrocarbons, specifically light crude.
“Minister Persaud revealed that a full evaluation of the results is underway from the exploration company,” the release noted.
According to release, Minister Persaud remains optimistic of a hydrocarbon discovery of commercial quantities which will further transform Guyana’s economy for the benefit of all Guyanese.