Guyana: Exxon appraisal well finds large oil, gas deposits

GEORGETOWN, Guyana – Officials in the South American country of Guyana say Exxon Mobil has found large deposits of oil and gas in a recently drilled appraisal well.

Energy Minister Raphael Trotman told The Associated Press on Monday that the company will drill another well in upcoming months. Officials have said Exxon Mobil previously drilled another well last year that they believe could contain at least 700 million barrels of oil.

The company’s drill site is located some 150 miles offshore from Guyana’s east coast.

British petroleum giant Tullow Oil PLC and Repsol of Spain also have been exploring the area.