On Wednesday, the Guyana government has welcomed the announcement made by the US-based oil and energy giant ExxonMobil about the two oil discoveries it has made in the Stabroek block offshore, adding further to the previously reported recoverable estimate for 10 billion oil-equivalent barrels.
Natural Resources Minister Vickram Bharrat said, “the government will remain confident that these two additional discoveries, which add to the 26 economically feasible findings, will improve Guyana’s status as a country with world-class hydrocarbon discoveries.”
“So the government will continue to work with all stakeholders towards exponential development of these resources for all Guyana citizens while maintaining a social, economic and environmental balance.”
The minister further added, “the government of Guyana is continuously examining the ways to improve management and administration of all operators to expand the sector through commercial discoveries further.”
According to ExxonMobil, the Fangtooth-1 well encountered around 164 feet of high-quality oil-bearing sandstone reservoirs. The well which was sunk in 6 030 feet of water and is located around 11 miles northwest of the Liza field.
The Lau Lau-1 well was sunk around 315 feet of high-quality hydrocarbon-bearing sandstone reservoirs. The well was further drilled in 4 793 feet of water and is located approximately 42 miles southeast of the Liza field.
“The initial findings from the Fangtooth and Lau Lau wells are a positive sign for Guyana, demonstrating the potential for the country’s growing oil and gas sector, ExxonMobil and our co-venturers in the Stabroek block,” as per released by Mike Cousins, ExxonMobil’s senior vice president of exploration and new ventures.
Meanwhile, Bharrat further said, “the Irfaan Ali administration is also welcoming the announcement that Liza Unity FPSO is on the way to begin production in early 2022, while the Prosperity FPSO vessel for the Payara field is being constructed in Singapore with a targeted production start-up date of 2024.”