Oil companies make 26th major discovery in Guyana

Guyana’s Stabroek Block is continuing to prove itself as a good investment for a consortium of oil companies as they announced today a further discovery of approximately 10 billion barrels of oil equivalent.

The petrochemicals were discovered at the Fangtooth-1 and Lau Lau-1 wells.

In statements to the media, ExxonMobil and Hess Corporation said high-quality oil-bearing sandstone reservoirs were discovered at 164 feet (50 meters) in Fangtooth-1 and 315 feet (96 meters) in Lau Lau-1.

The Fangtooth-1 well was drilled in 6,030 feet (1,838 meters) of water by the Stena DrillMAX and it is located approximately 11 miles (18 kilometres) northwest of the Liza Field.

The Lau Lau-1 well was drilled in 4,793 feet (1,461 meters) of water by the Noble Don Taylor and it is located approximately 42 miles (68 kilometres) southeast of the Liza Field.

The Stabroek Block is 6.6 million acres.

ExxonMobil’s affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Petroleum Guyana Limited holds 25 per cent interest.

“We are excited to announce two more significant discoveries on the Stabroek Block,” John Hess, CEO Hess Corporation, said.

“Positive results at Fangtooth, our first standalone deep exploration prospect, confirm the deeper exploration potential of the Stabroek Block. Both discoveries further underpin our queue of future low cost development opportunities. We continue to see the potential for at least six FPSOs on the Stabroek Block in 2027 with a production capacity of more than 1 million gross barrels of oil per day, and up to 10 FPSOs to develop the discovered resources on the block.”