The ExxonMobil company today announced two new oil discoveries offshore Guyana.
In a statement, the company announced the discoveries at the Fangtooth-1 well and the Lau Lau-1 well.
The Fangtooth-1 well encountered approximately 164 feet of high-quality oil-bearing sandstone reservoirs, while the Lau Lau-1 well encountered approximately 315 feet of high-quality hydrocarbon-bearing sandstone reservoirs.
Exxon said the discoveries will add to the previously announced recoverable resource estimate for the block of 10 billion oil-equivalent barrels.
The company’s senior vice president of exploration, Mike Cousins welcomed the latest discoveries and said “initial results from the Fangtooth and Lau Lau wells are a positive sign for Guyana and continue to demonstrate the potential for the country’s growing oil and gas sector, ExxonMobil and our co-venturers in the Stabroek block”.
He further explained that the Fangtooth discovery is a successful result of the company’s strategy to test deeper prospectivity, and the Lau Lau discovery adds to the large inventory of development opportunities in the southeast part of the Stabroek block.
“Both discoveries increase our understanding of the resource, our continued confidence in the block’s exploration potential, and our view that the many discoveries to date could result in up to 10 development projects”, the official said.
Fangtooth was drilled by the Stena DrillMAX, and Lau Lau was drilled by the Noble Don Taylor, which are two of six drillships supporting exploration and development drilling across three blocks operated by ExxonMobil offshore Guyana.
Exxon said its new projects continue to drive investment in Guyana’s growing economy with more than 3,200 Guyanese now employed in supporting project activities in the sector.
In a separate statement, the Government of Guyana also welcomed the new discoveries.
“The Government of Guyana remains confident that these two additional discoveries, which add to the twenty-six commercially feasible finds, will further strengthen Guyana’s position as a country with world-class discoveries of high-quality hydrocarbon. Therefore, the Government will continue engaging all stakeholders towards the exponential development of these resources for all Guyanese while maintaining a social, economic, and environmental balance. In addition, the Government of Guyana is continually examining possibilities to strengthen oversight and management of the exploration programmes of all operators to further expand the sector through commercial discoveries”, Natural Resources Minister Vickram Bharat said in a statement.
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