The Ministry of Natural Resources and the ExxonMobil company have announced another significant oil discovery offshore Guyana in the Stabroek Block.
The latest discovery was made at the Lancetfish-1 well where the company encountered approximately 92 feet (28 meters) of oil-bearing sandstone.
The well was drilled in 5,843 feet (1,780 meters) of water and is located southeast of the Fangtooth-1 discovery.
President and CEO of ExxonMobil Guyana, Alistair Routledge said “initial results from the Lancetfish-1 well are encouraging and demonstrate the Stabroek block’s continued exploration potential”.
He said the ExxonMobil company is increasing its understanding of Guyana’s offshore resources with each new discovery.”
The Lancetfish-1 was drilled by the Noble Don Taylor, one of six drillships supporting ExxonMobil Guyana’s exploration and appraisal activities offshore Guyana.
It is the second discovery this year, joining the Fangtooth-SE-1 discovery that was announced in late January.
The Stabroek Block is 6.6 million acres (26,800 square kilometers).
In a separate statement, the Ministry of Natural Resources said it welcomes the latest discovery, explaining that the newly discovered reservoir will undergo a comprehensive appraisal process, which aligns with the ongoing appraisal activities for other discoveries in the region.
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