To: Wharf Rat who wrote (887956 ) 9/15/2015 1:07:46 PM From: Brumar89 Read Replies (2) | Respond to How is your Guyanese "Leave it in the ground" appeal going? Details included: Oil found in the Stabroek Block Well with large production potential Projected major economic impact on Guyana's economy ........... Stabroek Block , which is located 120 miles (193 kilometers) off the shore of Guyana and spreads over an area of 6.6 million acres (26,800 square kilometers) in the Atlantic Ocean. For the "oil nerds" reading along, the well called Liza-1 is 5,719 feet (1,743 meters) below sea level. It was drilled to 17,825 feet (5,433 meters). The drilling resulted in the discovery of a sandstone column soaked with gas and oil. The reservoir has a depth of 295 feet (90 meters) and the oil is high quality . It's worth noting that if the estimates are correct, the oil production from this well can bring a dramatic change to the economy of Guyana very soon. At present, the country does not produce any oil and relies primarily on low-scale mining of lumber, diamonds and gold. In 2014, it had GDP of $3.228 billion, according to data from the World Bank. In the Bank's GDP country ranking, it held 163th position which is the lowest in the group of South American countries. With its value of $40 billion at current crude oil prices, the Liza-1 well exceeds Guyana's GDP 12.3 times. This could give the largely undeveloped country a major economic boost, which would have a positive impact in important fields such as infrastructure and social policy.
