'Significant discovery' in Guyana's Stabroek block

‘Significant discovery’ in Guyana’s Stabroek block

U.S.-headquartered energy giant ExxonMobil has made another oil discovery at the Stabroek block, representing the fourth discovery offshore Guyana for this year.

Guyana’s Ministry of Natural Resources (MNR) reported that the Lancetfish-2 appraisal well had resulted in a “significant discovery”.

The Lancetfish-2 discovery in the Liza Petroleum Production License area has unveiled an estimated 20 meters of hydrocarbon-bearing reservoir, along with approximately 81 meters of additional hydrocarbon-bearing sandstone, MNR said.

The reservoir is set to undergo a comprehensive appraisal process, said to align with the ongoing appraisal activities for other discoveries in the region.

This marks the fourth offshore discovery in Guyana for 2023 and brings the total number of discoveries from 2015 to date to a total of 46. Earlier discoveries made this year include Fangtooth SE-1 and Lancetfish-1 in the Stabroek block, as well as the Wei-1 discovery in the Corentyne block.

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To remind, the oil discovery made at the Lancetfish-1 well was disclosed on April 26 by ExxonMobil’s partner on the block Hess Corporation.

The Stabroek block, which covers 6.6 million acres or 26,800 square kilometers, is operated by ExxonMobil’s affiliate Esso Exploration and Production Guyana with a 45% interest. The company’s partners in the block are Hess Guyana Exploration (30%), and CNOOC Petroleum Guyana (25%).