Monday, February 6, 2023

Stabroek Block co-venturers targeting Fangtooth for 7th development

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ExxonMobil’s Fangtooth discovery is being targeted for the seventh development offshore Guyana at the prolific 6.6 million acres Stabroek Block. The magnitude of the reservoir is likely to facilitate a standalone Floating Production Storage and Offloading vessel. 

This disclosure was made by Hess Corporation’s Chief Executive Officer (CEO) John Hess during a Goldman Sachs Global Energy and Clean Technology Conference. 

The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs and was drilled in 6,030 feet (1,838 meters) of water. It is located approximately 11 miles (18 kilometers) northwest of the Liza field. It was paired with the Lau Lau-1 well, which encountered approximately 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs. The well was drilled in 4,793 feet (1,461 meters) of water and is located approximately 42 miles (68 kilometers) southeast of the Liza field.

Hess said that appraisal well results for Fangtooth would be ready later this month.

The Fangtooth discovery created a stir, as according to Hess, it was the first test of the deepwater horizon of the Lower Campanian and Santonian plays. Hess had even said that Fangtooth was “a really significant discovery” since it has opened up another deep play for the partners to pursue.

Schreiner Parker, Rystad Energy’s Vice President for Latin America and the Caribbean, said the Norway-based independent energy research and business intelligence company estimates that Fangtooth holds approximately 230 million barrels of oil equivalent.

ExxonMobil and its partners will continue to pursue deeper targets like Fangtooth in the new year, reaching 18,000 feet.

The Stabroek block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.

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