The Kaieteur and Canje Blocks are among Guyana’s offshore assets outside the prolific Stabroek Block.
At the Kaieteur Block, ExxonMobil was the operator and holding 35% interest, with Ratio Petroleum Energy Limited 25%, Cataleya Energy Limited 20% and Hess Corporation 20%. In 2023, ExxonMobil and Hess exited the asset.
ExxonMobil had said it was faced with a “drill or drop” decision at the Kaieteur Block. The decision was also driven by the project’s failure to meet “investment hurdles” given the complex realities of oil and gas exploration.
Tanager-1 was the first well drilled in the Kaieteur Block. It reached a total depth of 7,633 meters. Evaluation of logging while drilling (LWD), wireline logging and sampling data confirmed 16 meters of net oil pay in high-quality sandstone reservoirs of Maastrichtian age. Preliminary evaluation of fluid samples from the Maastrichtian reservoir indicated heavier oil than is reported from the Liza Phase I producing field crude assays. The discovery was deemed to be non-commercial as a standalone development, and the well was plugged and abandoned. Tanager-1 had indicated the presence of 65.3 million barrels. The find was deemed too small to be commercial as a standalone development.
The Canje Block is operated by ExxonMobil, which holds a 35% stake. TotalEnergies also holds 35%. JHI Associates holds 17.5%, while Mid-Atlantic Oil & Gas holds the remaining 12.5%.
ExxonMobil drilled three exploration wells in the Canje Block: Bulletwood-1, Jabillo-1 and Sapote-1. Westmount Energy purchased 1,350,000 common shares in JHI Associates Inc. and believed Bulletwood-1 closely resembles the Liza reservoir, where Exxon made its first world-class discovery in 2015. The campaign did not result in any commercial hydrocarbon discoveries.
Jabillo-1 was drilled down to 6,475 meters in 2,903 meters of water by the Stena Carron drillship. Sapote-1 was located in the southeastern part of the block, about 50 km north of the Haimara discovery in the Stabroek Block. None of the wells resulted in commercial discoveries.
With no commercial finds declared, the Canje Block is on track to be relinquished next week in full to the State upon expiry of the licence.
Both assets fall under Guyana’s new fiscal regime, which introduced a 10% corporate tax and a 10% royalty rate, along with updated environmental and regulatory standards.
Beyond those two blocks, Guyana’s offshore portfolio includes the Roraima Block, which is held by Occidental. Nearby, the Orinduik Block is operated by Eco (Atlantic) Oil & Gas.
Guyana’s shallow-water and transitional zones are organized into the S-Series blocks, S1 through S11. While most remain unassigned or in early evaluation, the S4 Block is held by TotalEnergies, QatarEnergy, and Petronas. The S7 Block is operated by Cybele Energy Ltd, while the remaining S-Series blocks—S1, S2, S3, S5, S6, S8, S9, S10, and S11 – remain part of Guyana’s offshore portfolio.
