ExxonMobil Guyana yesterday announced a discovery at Lancetfish-1 on the Stabroek block offshore Guyana, the company’s second discovery of 2023.
In a statement, the company said that the Lancetfish-1 well encountered approximately 92 feet (28 meters) of oil-bearing sandstone. The well was drilled in 5,843 feet (1,780 meters) of water and is located southeast of the Fangtooth-1 discovery.
“Initial results from the Lancetfish-1 well are encouraging and demonstrate the Stabroek block’s continued exploration potential,” said Alistair Routledge, president of ExxonMobil Guyana. “We continue to increase our understanding of Guyana’s offshore resources with each new discovery”, he added.
Lancetfish-1 was drilled by the Noble Don Taylor, one of six drillships engaged in ExxonMobil Guyana’s exploration and appraisal activities offshore Guyana. It is the second discovery this year, joining the Fangtooth-SE-1 discovery that was announced in late January.
Separately, the release said that progress continues on infrastructure for future field development. The Prosperity Floating, Production, Storage and Offloading (FPSO) vessel arrived in Guyanese waters on April 11 and is targeted for production start-up later this year. It will join the Liza Destiny and Liza Unity FPSOs, which together produced 375,000 barrels a day in the first quarter of 2023.
The statement said that “These new projects continue to drive investment in Guyana’s growing economy. More than 5,000 Guyanese are now employed in supporting activities in the country. ExxonMobil Guyana and its key contractors are also utilising the services of nearly 1,000 unique local Guyanese suppliers”.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
Meanwhile, the Ministry of Natural Resources said that this new discovery adds to Guyana’s growing legacy as an oil-producing and exporting nation. Minister of Natural Resources, Vickram Bharrat reaffirmed the government’s commitment to ensuring that the hydrocarbons sector is “sustainably and judiciously managed”.
The revenue earned from this sector, he said, will be prudently invested to transform the nation’s social and economic landscape.
“The Guyana government is devoted to ensuring that the benefits of Guyana’s petroleum resources benefit all Guyanese, paving the way for a thriving future. With the nation’s third and largest floating, production, storage and offloading (FPSO) vessel – Prosperity – joining the current fleet, our pledge to guarantee that this sector is managed against industry standards remains unmoved,” Bharrat assured.
