ExxonMobil-led JV makes continued finds in Guyana

GEORGETOWN, January 26, 2023 – A joint venture led by ExxonMobil has made a significant discovery at the Fangtooth prospect on the Stabroek block in Guyana, partner Hess Corporation announced in its Q4 2022 estimated results on Wednesday.

The Fangtooth SE-1 well hit around 61 metres of oil-bearing sandstone reservoirs in January 2023.

Drilling works were performed by the Stena Carron drillship.

The exploration well is located 12.9 kilometres southeast of the original Fangtooth-1 discovery, which encountered 50 metres of oil-bearing sandstone reservoirs.

The new Fangtooth discovery will add to the recoverable resource estimate of 11 billion boe at the Stabroek block.

Two producing FLNG vessels are stationed at the Stabroek block, the Liza Destiny and the Liza Unity. Net output from the two assets was 116,000 bopd in Q4 2022.

Two additional FLNGs are under construction that will be deployed at the Payara and Yellowtail fields on the block, the Prosperity and One Guyana respectively.

The Prosperity FLNG will have a capacity of 220,000 bopd, with first production anticipated by the end of 2023.

The One Guyana FLNG will have a production capacity of 250,000 bopd, with first production anticipated in 2025.

Hess Corporation also confirmed that a development plan for the Uaru play has been submitted to the Guyanese government for approval and is expected to be approved in Q4 2023.

First oil on the Uaru development is expected by the end of 2026.

In December 2022, ExxonMobil awarded Italian engineering firm Saipem an offshore engineering contract for the Uaru project.

Earlier in December, Guyana launched the nation’s first offshore oil and gas bid round for adjacent to the prolific Stabroek block.

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.

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