Hess Corporation’s Chief Executive Officer (CEO), John Hess has confirmed that extensive appraisal work is being undertaken to properly develop the Fangtooth field as the seventh project for the Stabroek block partners.
During a recent conference, Hess said it is well known that most of Guyana’s world-class projects are within 15,000 feet of depth. “This is what we call the upper Campanian. These are sand channels that meander out…and are well-resourced by a working petroleum system,” he said, while underscoring keen interest in developing the resources, located in the deeper horizon. Fangtooth was notably the first test of the deepwater horizon of the Lower Campanian and Santonian plays at Stabroek Block.
Before committing billions towards Fangtooth, Hess said the partners must do several tests to understand what other reservoirs could be added for optimal production.
He said, “So a lot of the work is really to evaluate Fangtooth as our seventh ship. We are doing a lot of reservoir evaluation… We’re doing a drill stem test, extended well test to really figure out the areal extent of producibility of the reservoir. We’re optimistic about the results so far, but it’s a work in progress.”
The CEO also noted that the ExxonMobil-led consortium will be drilling two more prospects near Fangtooth that could be tied into a potential development for the seventh ship. He listed these as Basher and LanternFish.
As the results flow in, he said this will provide the joint venture with the data it needs to calibrate the size and potential of the deep horizons in the Stabroek Block.
Beyond Basher and LanternFish, Hess said the market can expect to see exploration activities remaining upbeat in other parts of the block, especially over the next 12 to 18 months. “We’re going to be doing more exploration and appraisal and I think it’s important to know we have 2.5 to three drillships available to us in theater,” the CEO shared.
He also said the partners intend to place focus on Barreleye and a few other discoveries for appraisal “to see if we can cobble together potentially another development inboard.”
In the Stabroek Block, 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.
