Could Guyana’s seventh Stabroek Block development be based on another oil discovery, or perhaps, the first offshore gas project? Operator ExxonMobil has not decided. Why? According to its President, Alistair Routledge, “We have more than one horse in the race right now.”
He said teams are working on determining what are good concepts and how soon it can be brought together in a way the company and its co-venturers are confident that it would be a good investment for the country.
“So, we haven’t put a name on the seventh project yet, partly because there’s more than one potential option as to which will be the seventh,” Routledge said at a press briefing on Feb. 6 in Georgetown.
Exxon holds 45% interest in the Stabroek Block with Hess holding 30% and CNOOC 25%.
Back in Jan. 2023, John Hess, CEO Of Hess Corporation said the Fangtooth discovery is likely being targeted for the seventh development. The first Fangtooth discovery was made in Jan. 2022. Then Exxon struck more oil at Fangtooth SE-1. The Lancetfish-1 discovery also underpinned Fangtooth as a potential development.
The first Fangtooth discovery created a stir. It was the first test of the deepwater horizon of the Lower Campanian and Santonian plays. Hess even said it opened up another deep play for the partners to pursue.
But there have been talks about the Guyana government wanting Exxon to focus more on gas. And Exxon agrees that this is a “priority”. The company is focused on more gas appraisal this year. It has been looking very closely at gas development options, even evaluating which production facility would be best suited.
The first standalone gas development would be executed more east, near the border with Suriname, as that is where the largest quantities of proven gas reserves are located.
“…we see that there is opportunity – space there. We want to ensure that we’ve chased it expeditiously for the country and for the investors. So, I would say yeah, it may be an oil project, maybe you know, more of a gas project, but we are working hard to find what is the best next project for Stabroek,” Routledge said.
