Latest update November 22nd, 2024 1:00 AM
Latest News
- Exxon wants new oil block on own terms
- Indian companies eye Guyana’s oil
- ICC issues arrest warrant for Israeli PM Netanyahu for ‘war crimes’ in Gaza
- Developing countries should not be curtailed in exploiting natural resources- PM Modi tells Parliament
- Govt- owned Marriott sells VP Jagdeo expired soft drink
Exxon going after key wells in Stabroek Block before year end – Hess President
Kaieteur News – ExxonMobil is gearing up to explore key wells in the Fangtooth area of the Stabroek Block, before the end of this year, according to Greg Hill, Chief Operating Officer and President of Hess Corporation. The American company is ExxonMobil’s partner, alongside CNOOC.
Stabroek Block
Hill disclosed the company’s plans to drill the Basher-1 well, a deep prospect approximately seven miles west of Fangtooth-1, the Lancetfish-1 well situated around two miles southwest of Fangtooth-1, and the Lancetfish-2 appraisal well in the same area.
ExxonMobil’s local subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), had made the Fangtooth-2 discovery last year. It was so significant that the partners are keen on using it for their seventh development project. They did further exploration and made another significant discovery at Fangtooth SE-1 earlier this year, then Lancetfish-1. It is likely that Lancetfish will be developed jointly with Fangtooth.
Additional exploration activities are also slated for the southeastern portion of the Stabroek block, including drilling the Blue Fin prospect, located roughly six miles southwest of Haimara-1. Haimara, and the general area near the border with Suriname, is saturated with gas reserves.
This exploration posture may indicate ExxonMobil is ready for a standalone gas development.
These efforts form part of an ongoing 25-well exploration and appraisal campaign. Later, EEPGL is expected to commence another campaign of 35 wells. The Environmental Protection Agency (EPA) approved the new campaign recently.
The exploration license for the Stabroek Block was recently extended by one year until October 2027, according to Vice President, Dr. Bharrat Jagdeo. The extension will provide ExxonMobil more time for further appraisal work and potential developments in the Stabroek Block, after operational delays due to the COVID-19 pandemic.
John Hess, CEO of Hess Corporation, has detailed how the pandemic restrictions affected the mobility of workers and the operation of three exploration rigs, leading to a temporary pause in exploration drilling.
Despite these challenges, the ExxonMobil-led consortium has made significant strides in the Stabroek Block. Since the discovery of the Liza field in 2015, over 30 commercial discoveries have been made, amounting to 11 billion oil-equivalent barrels. The companies continue to see multi-billion-barrel potential in their exploration efforts.
ExxonMobil operates the Block, holding a 45% stake, with Hess and CNOOC owning 30% and 25% shares respectively. The rich resources of the Stabroek Block have led ExxonMobil to plan for the production of 1.2 million barrels of crude per day by 2027, with the potential to exceed 2 million bpd in the subsequent decade.
- and the general area, Dr. Bharrat Jagdeo, Haimara-1. Haimara, Hill disclosed the company's, Vice President
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
A false panacea for electoral integrity
…Peeping Tom kaieteur News – Advocates for fingerprint verification in Guyana’s elections herald it as... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
