Guyana makes new oil and gas discovery

GEORGETOWN, October 30, 2023 – ExxonMobil and its partners have made another discovery on the Stabroek block in Guyana, Reuters reported on Thursday.

According to the country’s energy ministry, the partners drilled the Lancetfish-2 appraisal well in the Liza field and found a 20-metre, hydrocarbons-bearing reservoir and 81 metres of additional hydrocarbons-bearing sandstone.

New estimated reserves were not disclosed.

ExxonMobil and its partners began production in 2019 at the 26,0000-square-kilometre Stabroek block.

The consortium plans to produce up to 1.2 million boe from the block by 2027.

Exploration activities have discovered more than 11 billion boe of recoverable oil and gas reserves in Guyana.

ExxonMobil operates the Stabroek block with a 45% stake, while partners Hess Corporation holds a 30% stake and China National Offshore Oil Corporation holds the remaining 25% stake.

Earlier in October E&P giants such as ExxonMobil and TotalEnergies successfully bid on new concession areas in Guyana.

Read our latest insights on: