–ExxonMobil Guyana makes discovery at Lancetfish-1 well

EXXONMOBIL Guyana has recorded its second discovery of 2023, at the Lancetfish-1 well in the Stabroek Block offshore Guyana.

According to a press release from ExxonMobil, 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,” President of ExxonMobil Guyana, Alistair Routledge, said, noting: “We continue to increase our understanding of Guyana’s offshore resources with each new discovery.”

Lancetfish-1 was drilled by the Noble Don Taylor, one of six drill ships supporting 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, progress continues on infrastructure for future field development. The Prosperity Floating, Production, Storage and Offloading (FPSO) vessel arrived in Guyana’s waters on April 11 and is set 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.

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 Ministry of Natural Resources has said that ExxonMobil’s latest discovery adds to Guyana’s growing legacy as an oil-producing and exporting nation.

In a statement on Wednesday, Minister of Natural Resources, Vickram Bharrat, reaffirmed the government’s commitment to ensure that the hydrocarbons sector is sustainably and judiciously managed.

The revenue earned from this sector, he reminded, 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,” Minister Bharrat affirmed.

“The Ministry of Natural Resources will continue to work closely with its partners to ensure that all exploration and production activities in the Stabroek Block are conducted in an environmentally safe and economically viable manner,” the Natural Resources Minister said.

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 per cent interest. Hess Guyana Exploration Ltd. holds 30 per cent interest and CNOOC Petroleum Guyana Limited holds 25 per cent interest.