Wednesday, November 30, 2022

With nine Guyana discoveries so far, 2022 marks best exploration year for Stabroek co-venturers

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With two new discoveries announced on Wednesday, 2022 is being referred to as the best exploration year in Guyana for the ExxonMobil-led co-venturers. Exxon has a 45% stake in the 6.6 million acres Stabroek Block, with Hess Corporation holding 30% and CNOOC 25%.

Timothy Chisholm

Timothy Chisholm, Hess’ Vice President – Exploration and Production for Guyana – Suriname, alluded to this on Wednesday during the company’s third quarter earnings report.

“…In total nine discoveries this year alone marking this the best exploration year we have had in Guyana. What a great year for the people of Guyana,” he said.

The latest discoveries were at the Sailfin-1 and Yarrow-1 wells, bring the total discoveries made so far to 35.

Guyana’s resource estimate remains at approximately 11 billion oil-equivalent barrels but with an aggressive drill campaign planned by Exxon, this number could quickly increase.

The Stabroek Block co-venturers kicked off the year with the Lau Lau-1 discovery in January and kept going from there with successful hits.

The partners made a total of two discoveries in January: another three in April, two in July and the latest ones this month.

Now, Exxon is focused on more drilling operations at the Fangtooth reservoir utilizing the Stena Carron rig.

The well site is situated approximately 100.8 nautical miles (186.6 kilometers) off the Guyana coast and covers an area of 0.29 square nautical miles (1 square kilometer).

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