Exxon, Hess Say Two Oil Discoveries Made in Stabroek Block Offshore Guyana

By Michael Dabaie

ExxonMobil and Hess Corp. said two oil discoveries were made at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana.

These discoveries will add to the previously announced recoverable resource estimate for the block of 10 billion oil-equivalent barrels.

The Stabroek block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.

The Fangtooth-1 well encountered about 164 feet of oil-bearing sandstone reservoirs and the Lau Lau-1 well encountered about 315 feet of hydrocarbon-bearing sandstone reservoirs.

"Positive results at Fangtooth, our first standalone deep exploration prospect, confirm the deeper exploration potential of the Stabroek Block. Both discoveries further underpin our queue of future low cost development opportunities. We continue to see the potential for at least six FPSOs on the Stabroek Block in 2027 with a production capacity of more than 1 million gross barrels of oil per day, and up to 10 FPSOs to develop the discovered resources on the block," Hess Chief Executive John Hess said.

"Initial results from the Fangtooth and Lau Lau wells are a positive sign for Guyana and continue to demonstrate the potential for the country's growing oil and gas sector, ExxonMobil and our co-venturers in the Stabroek block," said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

01-05-22 0926ET