Guyana Says Another 'Significant Discovery' Made in Stabroek Block

Thursday, October 26, 2023

An appraisal well drilled by a consortium led by Exxon Mobil in Guyana has resulted in a "significant discovery" of oil and gas, the South American country's energy ministry said on Thursday.

The Lancetfish-2 well results mark the fourth offshore discovery in the country this year, and brings the total number of discoveries from 2015 to date to 46, for more than 11 billion barrels of recoverable oil and gas.

Most findings have been at Exxon's prolific Stabroek block, where oil production was inaugurated in 2019. The 6.6 million acre (26,000 square km) block is expected to generate up to 1.2 million barrels of oil and gas per day by 2027.

The Lancetfish-2 discovery, which belongs to the Exxon-consortium's Liza production license area, has an estimated 20 meters of hydrocarbon-bearing reservoir, along with approximately 81 meters of additional hydrocarbon-bearing sandstone, the ministry said in a release.

Exxon declined to comment.

The reservoir is expected to undergo an appraisal process, the ministry added. The disclosure did not include an estimate of the number of barrels of oil found.

In April, the consortium - which also includes Hess and CNOOC - announced it had found some 92 feet (28 meters) of oil-bearing sandstone at the Lancetfish-1 well.

(Reuters - Reporting by Marianna Parraga)

Categories: Deepwater Drilling Activity South America

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