Exxon Mobil-led consortium discovers new hydrocarbon reserves in Guyana

A consortium led by Exxon Mobil (NYSE:), which includes Hess (NYSE:) and Cnooc (OTCPK:CEOHF), has made a significant discovery at the Lancetfish-2 well in Guyana’s Liza production license area, within the offshore Stabroek block. This discovery marks the fourth find of 2023 and brings the total number of discoveries since 2015 to 46.

The new well is estimated to contain a 20-meter hydrocarbon reservoir and an additional approximately 81 meters of hydrocarbon-bearing sandstone. This follows a previous discovery at the Lancetfish-1 well, which revealed a 28-meter oil-bearing sandstone. These discoveries contribute to over 11 billion barrels of recoverable reserves.

In addition to the Lancetfish wells, other notable discoveries this year include Fangtooth SE-1 in the Stabroek block and Wei-1 in the Corentyne block. These crucial energy reserves will undergo a comprehensive appraisal process, similar to the evaluation of other regional discoveries. The series of successful explorations underscore Guyana’s growing prominence as a key player in the global energy sector.

These findings are part of a larger trend of increased exploration activity within Guyana’s offshore blocks, as multinational corporations seek to capitalize on the country’s rich hydrocarbon reserves. The discoveries also highlight the continued success of Exxon Mobil and its partners in uncovering significant hydrocarbon resources in the region.

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