Guyana: More oil found

CMC – The US-based Hess Corporation Wednesday that it had discovered more oil in the Stabroek Block offshore Guyana.

“The Lancetfish-1 well encountered approximately 92 feet of oil bearing sandstone reservoir. The well was drilled in 5,843 feet of water by the Noble Don Taylor and is located approximately four miles southeast of the Fangtooth discovery,” Hess said in a statement.

The US oil company, which holds a 30 per cent stake in the consortium led by Exxon Mobil Corporation has made more than 30 discoveries in the Caribbean Community (CARICOM) country’s offshore waters since 2015.

Hess said the consortium sold nine cargos of crude oil from Guyana in the first quarter ended March 31, compared with two cargos in the year-ago quarter.

But it acknowledged that the Kokwari-1 exploration well, which was drilled during the quarter, did not encounter commercial quantities of hydrocarbons.

Hess has since raised its full-year production outlook by nearly three per cent to 365,000 barrels of oil equivalent per day (boepd) to 375,000 boepd, citing strong operational performance during the first three months of 2023.

For the reported quarter, net production rose 35.5 per cent to 374,000 boepd, primarily due to higher output in Guyana and the North Dakota’s Bakken shale field.

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